Square AM buys warehouse from Essity in Santarém

Square AM buys warehouse from Essity in Santarém

A property belonging to Essity was sold to the Property Core Real Estate Fund, managed by Square Asset Management, in a transaction brokered by JLL through its Capital Markets (I&L) team. JLL concludes one of the most significant transactions in Benavente, which included the sale and lease of the warehouse with 18,200 square metres of gross construction area.

Also brokered by JLL, the Leasing Markets (I&L) team also secured the lease of the space to Servirent, a company dedicated to the rental of machinery and containers as well as refrigeration equipment. The asset comprises a group of buildings where a paper manufacturing unit used to operate.

The property has a useful ceiling height of 10 metres, and the building has a total land area of 83,300 square metres, which will be subject to a thorough refurbishment, optimising the property for its new functions.

For Mariana Rosa, Head of Markets Advisory at JLL, "this transaction reinforces the 360º role that JLL has increasingly close to its clients and the real estate market, from the moment of finding buyers, through the sale, to, in this case, the lease. This operation entered the top 3 of leasing transactions carried out last year and demonstrates the importance that the industry and logistics sector has had in the Portuguese market".

Nuno Esteves, Business Development I&L Investment, underlines that "this transaction and subsequent marketing confirms the attractiveness of new centralities in the industrial/logistics panorama, which has reinforced the interest of both occupiers and more institutional funds and investors of varied natures in this asset class in emerging locations".

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