Patron Capital and INBRIGHT launch EUR 100m light industrial programme in Portugal
London/Lissabon, 08.04.2025. Patron Capital, the pan-European institutional investor focused on property-backed investments, and its partner INBRIGHT, the specialist light industrial and logistics investor, developer, and asset manager, have launched a new EUR 100 million investment programme focused on building a portfolio of sustainability focused light industrial and logistics assets in key locations in Portugal.
The venture will primarily target assets with value-add potential that can be refurbished to modern energy efficient standards in Greater Lisbon and Greater Porto, with selective acquisitions also being planned in economically strong Portuguese regions, industrial clusters, and key transport hubs. The first acquisition has already been successfully completed with the purchase of Alto BP, a multi-let 16,259 sqm GLA industrial estate in Vila Franca de Xira, northwest of Lisbon in the city’s wider metropolitan area. The property, which was taken over from private equity company ECS, is 90% occupied, with a Portuguese National Government entity being its main tenant.
The Portuguese light industrial and logistics sector presents a compelling investment opportunity, supported by a raft of positive tailwinds including a significant undersupply of modern and efficient space. The market’s sub-5% vacancy rate, combined with a restricted new development pipeline and ageing, ESG-non-compliant stock, has created a favorable investment backdrop for those with the right investment and asset management expertise.
The new venture marks the second time Patron Capital and INBRIGHT have partnered together, following their successful EUR 250 million light industrial and logistics investment strategy in Germany. As part of this ongoing programme, they have acquired properties in Cologne, Hamburg, and Mainz with further acquisitions in the pipeline. In addition to these investments, the partners are jointly developing LIZ – Ludwigsburg Industriezentrum, a large-scale urban industrial project in Ludwigsburg in Southwest Germany. Patron has also partnered with Base Investments to build a portfolio of light industrial and logistics assets in The Netherlands.
The new Portuguese venture by Patron Capital and INBRIGHT Portugal will leverage the successful approach rolled out by Patron Capital and INBRIGHT in Germany with the aim of creating long-term value for both investors and tenants. INBRIGHT has established INBRIGHT Portugal with an office in Lisbon providing on-the-ground presence for close market monitoring and efficient asset management.
Jonatas Szkurnik, Senior Partner and Investment Director at Patron Capital, said: “We see significant potential in the Portuguese light industrial and logistics market. This is being driven by robust demand from occupiers seeking high quality, efficient and modern space of the kind our new venture with INBRIGHT Portugal will set out to deliver. We are also seeing demand from owner-occupiers for sale and leaseback arrangements with investors that enable them to unlock capital to be re-investment in their core business. Patron Capital and INBRIGHT Portugal have the flexibility and capital to provide funding solutions and modern spaces to the market.”
Christoph Gumlich | Foto: Simon WegenerChristoph Gumlich, Managing Partner at INBRIGHT Portugal, said: "This first acquisition in Portugal highlights the programme’s focus on assets in excellent locations with potential to be optimised through active asset management and sustainable refurbishment. There is high demand for modern, ESG-compliant light industrial and logistics properties in Portugal and by leveraging our expertise, we will develop and manage high quality assets that meet market needs, improve sustainability standards, and capitalise on growth potential.”
Manuel Noronha Andrade, CEO of ECS, commented: "We are pleased to have concluded this transaction with Patron Capital and INBRIGHT Portugal. Throughout the process, we worked in a goal-oriented and constructive manner. Their solid approach and high expertise give us confidence that the sold asset will continue to thrive and make a positive contribution to the Portuguese light industrial and logistics market."
Patron Capital and INBRIGHT’s Portuguese venture will acquire properties with value-add potential that can be transformed to deliver attractive returns. Refurbishment priorities will focus on sustainability and delivering energy efficiency improvements, including reducing CO2 emissions and achieving at least a “Good” BREEAM In-Use certification. The venture is aiming to build a portfolio providing resilient long-term returns while contributing to economic growth by playing a role in modernising Portugal’s light industrial and logistics stock.
The property was sold by a special purpose vehicle (SPV) managed by ECS. NewCycle and TFRA advised the Buyer and CBRE and CVG Lawyers advised the Seller on the transaction.
About Patron Capital
Patron represents approximately €5.2 billion of capital raised across several funds and related co-investments, investing in property, corporate operating entities whose value is primarily supported by property assets and distressed debt and credit related businesses. Since it was established in 1999, Patron has undertaken more than 200 transactions across 110 investments and programs involving over 9 million square metres in 17 countries, with many of these investments realised.
Investors represent a variety of sovereign wealth funds, prominent universities, major institutions, private foundations, and high net worth individuals located throughout North America, Europe, Asia and the Middle East. The main investment adviser to the Funds is Patron Capital Advisers LLP, which is based in London, and Patron has other offices across Europe including Barcelona and Luxembourg; the group is comprised of 65 people, including a 41-person investment team.
Further information about Patron Capital is available at www.patroncapital.comMedia Enquiries Patron Capital
Henry Columbine/Polly Warrack via SEC Newgate
t: +44 (0)7808 541191
patron@secnewgate.co.ukÜber INBRIGHT
INBRIGHT develops light industrial and logistics properties in economically strong locations with excellent transport connections. Since its founding in 2020, the company has delivered projects with a total investment volume of over €500 million and approximately 230,000 square meters of rental space in Germany. With the establishment of INBRIGHT Portugal, the company has expanded into the Portuguese market. Today, INBRIGHT employs 25 team members, all dedicated to implementing sustainable and innovative real estate solutions.
www.inbright.deINBRIGHT Portugal
INVIVO Projectos Imobiliários, Lda.
Rua D. João V, 30
1250-091 Lisboa, Portugal
info@inbright.ptINBRIGHT Development GmbH
Erasmusstr. 14
10553 Berlin
+49 (0) 30 4036862-0
info@inbright.deMedia Enquiries INBRIGHT
Yvonne Hoberg
GLOWING MIND | Communications & Transformation
M +49 151 54 750 169
yvonne.hoberg@glowing-mind.com
Our Contribution to the sustainable Development Goals of the United Nations
The 17 Sustainable Development Goals (SDGs) were adopted in 2015 by the member states of the United Nations. They set a road map for the sustainable social, economic and environmental transformation of our world by 2030.
The SDGs also offer us as a company a framework for contributing to a positive future for the world. Our ESG strategy is our contribution to tackling the greatest worldwide challenges, especially to achieving the following SDGs:
We respect diversity, a fair pay and participation structure and the indivdual promotion of out team members, thus contributing to equality of opportunity.
Economic success and a profitable investment strategy are for us the foundation for securing attractive jobs in the long term and contributing to healthy economic growth.
We promote a low-emission infrastructure by locating our properties close to existing residential areas, offering our tenants access to public transport. We modernise and reposition old industrial and commercial properties to make their use lower in emissions, cleaner and more flexible, thus making a noticeable contribution to sustainable industry.
When building and repairing our properties, we are careful to use innovative and engery-efficient systems so as to aviod unnecessary environmental pressures on the surrounding area. Wherever compatible with legislation and the comfort demands of our users, we reduce technical equipment to a minimum to promote the longevity of our properties.
We align both our company and our property projects to ESG criteria. This includes planning our properties in a way that is sparing of resources and ensures them a long useful life with maximum flexibility. We also maintain open interactions in the spirit of partnership with all those involved – from planners and building firms through to the eventual user.
Reducing emissions, especially CO2 emissions, has a high priority for us within our ESG strategy. We as a company aim to reduce and compensate for our CO2 footprint to make the most effective contribution we can to protecting the climate.
How we derived Our ESG strategy
In an initial workshop, we first developed core values for our company. The development of an ESG strategy for INBRIGHT is based on this: main topics were determined and validated based on a fixed evaluation scheme in a two-day workshop. On the one hand, the topics result from the requirements of national and international industry standards and frameworks, such as DGNB, LEED and GRESB, and, on the other hand, from general sustainability standards, such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) and the Sustainable Development Goals. The list of topics was ultimately supplemented by specific industry requirements from the Light Industrial area. The collection of topics was classified based on a fixed evaluation scheme in a materiality assessment using a two-dimensional matrix with the dimensions “Relevance to business” and “Effects on the government and society”. The topics with the highest values in both dimensions, and hence being above the materiality threshold, form the basis of our ESG strategy or our sustainability programme. The materiality assessment is revalidated annually with the participation of internal and external stakeholders and the assessment of the topics is adjusted accordingly.
Our Contribution to the sustainable Development Goals of the United Nations
The 17 Sustainable Development Goals (SDGs) were adopted in 2015 by the member states of the United Nations. They set a road map for the sustainable social, economic and environmental transformation of our world by 2030.
The SDGs also offer us as a company a framework for contributing to a positive future for the world. Our ESG strategy is our contribution to tackling the greatest worldwide challenges, especially to achieving the following SDGs:
We respect diversity, a fair pay and participation structure and the indivdual promotion of out team members, thus contributing to equality of opportunity.
Economic success and a profitable investment strategy are for us the foundation for securing attractive jobs in the long term and contributing to healthy economic growth.
We promote a low-emission infrastructure by locating our properties close to existing residential areas, offering our tenants access to public transport. We modernise and reposition old industrial and commercial properties to make their use lower in emissions, cleaner and more flexible, thus making a noticeable contribution to sustainable industry.
When building and repairing our properties, we are careful to use innovative and engery-efficient systems so as to aviod unnecessary environmental pressures on the surrounding area. Wherever compatible with legislation and the comfort demands of our users, we reduce technical equipment to a minimum to promote the longevity of our properties.
We align both our company and our property projects to ESG criteria. This includes planning our properties in a way that is sparing of resources and ensures them a long useful life with maximum flexibility. We also maintain open interactions in the spirit of partnership with all those involved – from planners and building firms through to the eventual user.
Reducing emissions, especially CO2 emissions, has a high priority for us within our ESG strategy. We as a company aim to reduce and compensate for our CO2 footprint to make the most effective contribution we can to protecting the climate.
