The Lx Factory complex has just been acquired by a new joint venture between Grupo Arié and Europi Property Group from a fund managed by French Keys REIM, which owned the asset since 2017, when it bought it from Mainside.
The investment process was managed by Bedrock Capital, which comments that «it is with great satisfaction that we announce the acquisition of this project, in a partnership between Grupo Arié and Europi Property Group», says João Tenreiro Gonçalves, Executive Partner at Bedrock Capital. He considers that «Lx Factory presents a unique offer of retail spaces, offices, restaurants and events / cultural, being simultaneously one of the most popular tourist destinations in the city of Lisbon. We are convinced that Lx Factory will benefit significantly from the residential and office projects planned for this area of Alcântara, as well as from the planned improvement in accessibility, such as the future metro station and the pedestrian bridge that will allow direct access to the river".
For his part, Jonathan Willén, CEO of Europi, says: «we are delighted to acquire Lx Factory, a unique and emblematic asset in the heart of Alcântara, one of the most dynamic areas of the city of Lisbon, together with our partners Arié and Bedrock». According to him, “it is our intention to invest in existing buildings and expand the offer of services. This acquisition demonstrates our commitment to investing in Portugal, where over the last 12 months we have already built a portfolio of 10 logistics assets with a total area of around 150,000 square meters».
The official adds that «we are witnessing strong growth and favorable demographic trends in the cities of Lisbon and Porto, which are becoming preferred destinations for several international companies. Factors such as the abundance of talent in Portugal, the affordable cost of living and the favorable climate have contributed decisively to this evolution. We are particularly excited to expand our partnership with Bedrock Capital and Grupo Arié.”
Nabil El Fahli, CIO of Keys REIM, highlights that “with the acquisition of LX Factory in 2017, Keys was able to anticipate and identify the strengths of this ambitious real estate complex. This venue has become a true creative hub and reflects Keys' belief in mixed-use and promotional projects designed to deliver a unique local experience. In line with the fund's strategy, the sale of LX Factory allows the crystallization of the asset management strategy implemented since its acquisition».
In a statement about the deal, the value of which was not revealed, it can be read that the transaction "is part of the current context of urban regeneration in Alcântara, which already has the new CUF Tejo Hospital, and for which it is planned to the coming years the development of various office and residential projects, as well as an international school».
Arié, Europi and Bedrock guarantee that «they intend to maintain the unique identity and cultural heritage of Lx Factory, which will continue to be used for offices, retail and restaurants, as well as maintaining its industrial look & feel». On the other hand, «plans are being developed for the gradual rehabilitation of spaces and the introduction of improvements in terms of exterior areas and the organization of car traffic».
The buyers were advised by Morais Leitão, CBRE, EY and Howden M&A. The seller was advised by Garrigues.