Cushman & Wakefield is proud to announce that it acted as advisor to Blackstone Real Estate Partners Europe IV in the acquisition of a major logistics and retail portfolio in Portugal, from two property investment funds managed by ESAF – Espirito Santo Fundos de Investimento Imobiliário, SA. The transaction represents the largest commercial real estate investment deal in Portugal in the last 8 years.
The logistics element of the portfolio comprises 185,000 sqm and is primarily located in Azambuja, Portugal’s premier logistics hub, located some 50 kms to the north-east of Lisbon. The properties are fully let, and major occupiers include Sonae and Logiters.
The retail portfolio consists of 65,000 sqm of retail space located in and around Lisbon, with occupiers including Portuguese market leaders such as Continente and Modelo.
“This transaction is a credit to Blackstone for demonstrating strategic vision and a strong ability to execute, and also to ESAF for creating such a high quality portfolio”, says Luis Rocha Antunes, head of Cushman & Wakefield’s Investment team in Portugal.
“The Portuguese market has seen considerable improvement since the clean exit from the “Troika”-led financial assistance program in May this year. While investing in Portugal continues to require some prudency, there are excellent opportunities available for the discerning investor”, continues Luís Rocha Antunes. “After several years of near stagnation, the total volume of deals in the market this year is likely to be of the order of €1 billion, and Cushman & Wakefield alone expects to be involved in more than €500 million by the year-end”.