M7 Real Estate, Blackstone buy four last-mile logistics properties in Portugal

M7 Real Estate has acquired four last-mile logistics properties in Portugal, via three separate off-market transactions, on behalf of funds managed by Blackstone.

The sellers were Santander Asset Management, Interfundos and DSV.

The assets, which comprise a total of 36,400 square meters (391,800 square feet) are located in Porto and Lisbon.

The properties feature a diverse and attractive mix of occupiers, including DSV and Rangel. M7 will pursue an active asset management strategy aimed at driving the income profile of the assets by leasing up the existing 16 percent vacancy within the properties and reducing NOI leakage.

Leonardo Peres, managing director, M7 Portugal commented, “These latest acquisitions deepen our strong working relationship with Blackstone and demonstrate our ability to identify attractive core-plus last-mile investments. We believe these acquisitions will allow us to capitalize on favorable supply and demand dynamics driven by the