Europi and Incus Capital to invest €100m in Iberian logistics

Pan-European real estate investor Europi Property Group and real asset investor Incus Capital have formed a joint venture to expand Portuguese logistics company Ecologis into an Iberian logistics platform. 

Iberian logistics - Europi Property Group

Leveraging their extensive regional and sector experience, the partners aim to create a large-scale, high-quality logistics portfolio across key metropolitan areas in the Iberian Peninsula.
Ecologis, founded by Europi in late 2021, has already developed into a major Portuguese logistics platform, comprising 11 fully-let "big box" and "last mile" assets, primarily in the Lisbon metropolitan area. This 160,000 m2 portfolio boasts excellent connectivity near major motorways and urban centres, serving international and domestic 3PL companies, food distributors, and e-commerce businesses. The portfolio also emphasises sustainability, with features like rooftop solar panels, high energy efficiency, and the Adarse asset being Portugal's first logistics property to achieve BREEAM In Use Excellent certification.
The new joint venture plans to invest at least €100 mln in acquiring additional top-tier, Grade A logistics assets in Portugal and Spain, including both new developments and high-quality existing properties.
Jonas Fink, Group Investment director of Europi Property Group, commented: “We are very excited to partner with Incus Capital for the continued expansion of Ecologis. We’re convinced that Incus Capital’s strong Iberian presence and track record will enable accelerated growth and help to create one of the leading Iberian logistics platforms. Since Ecologis was launched, the platform has delivered superior performance and grown to become one of the largest of its kind in Portugal. With a clear focus on operational value creation and sustainability as well as its unique financial backing, the platform is well positioned for its continued Iberian expansion.”  
Alejandro Moya, partner at Incus Capital, commented: “We are pleased to partner with Europi Property Group in the next phase of Ecologis’ growth. The platform has been built to a very high standard, with a strong portfolio, excellent locations and a clear commitment to sustainability. Europi has created a compelling foundation in Portugal, and we see significant potential to further scale Ecologis across both Portugal and Spain. This joint venture reflects our conviction in the Iberian logistics market and our strategy of partnering with best-in-class operators to create long-term value through high-quality, resilient assets.”
Europi was advised by Morais Leitao, Ernst & Young and NewCycle, while PLMJ, Savills and Deloitte advised Incus Capital.