M7 Real Estate (M7), the pan-European real estate investor and manager, has announced that it has acquired four last mile logistics properties in Portugal, via three separate off-market transactions, on behalf of funds managed by Blackstone, the world’s largest alternative investment manager.

The assets, which comprise a total of 36,400sqm are located in Porto and Lisbon, and were acquired from Santander Asset Management, Interfundos, as well as DSV. The properties feature a diverse of occupiers and around 16% of the floor space is currently vacant.

Leonardo Peres, managing director at M7 Portugal, commented: “These latest acquisitions deepen our strong working relationship with Blackstone and demonstrate our ability to identify attractive last mile investments. We believe these acquisitions will allow us to capitalise on favourable supply and demand dynamics driven by the continued occupier demand for well-specified and well-located assets, providing excellent potential for future growth.”