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04 August, 2022
by Europi Property Group

Arié and Europi acquire Lx Factory in Lisbon, from a fund managed by Keys REIM

Lx Factory has been acquired by a joint venture between the Arié Group and Europi Property Group, in an investment process managed by Bedrock Capital, for an undisclosed amount. The vendor, a fund managed by Keys REIM a French asset manager, has owned and managed Lx Factory since 2017.

Arié, Europi and Bedrock intend to preserve Lx Factory’s unique identity and cultural heritage, which shall continue its mixed-use offering of office, retail and F&B while maintaining its iconic industrial look & feel. Plans are being drawn up to renovate existing spaces as well as improve the public realm and traffic management.

The acquisition strategy builds upon the ongoing urban regeneration in Alcântara, which already hosts the new CUF Tejo Hospital, and is expected to deliver several office and residential development projects, as well as an international school, in the coming years.

The Purchasers were advised by Morais Leitão, CBRE, EY and Howden M&A. The Vendor was advised by Garrigues.

João Tenreiro Gonçalves, Executive Partner of Bedrock Capital, comments:

“It is with great satisfaction that we announce the acquisition of this development by a partnership between the Arié Group and Europi Property Group. Lx Factory presents a unique offering of retail, offices, F&B and events/cultural spaces and is simultaneously one of the most popular tourist destinations in the city of Lisbon. We are convinced that Lx Factory stands to benefit significantly from the office and residential projects planned for this area of Alcântara, as well as from the improvement in access, such as the future metro station and the pedestrian bridge which will provide direct river access.”

Jonathan Willén, CEO of Europi, comments:

“We’re thrilled to acquire Lx Factory, a truly unique landmark asset in the heart of Lisbon’s most dynamic area Alcântara, together with our partners Arié and Bedrock. We intend to both invest in existing buildings as well as expand Lx’s offering during our stewardship of the historic site. The acquisition demonstrates our commitment to investing in Portugal, where we have already built up a 150k sqm logistics portfolio across 10 assets in the last twelve months. We’re seeing strong growth and favourable demographic trends in both Lisbon and Porto, which are becoming popular global cities of choice for several international companies. Portugal’s talented workforce, affordable cities and pleasant climate all contribute to its ongoing development. We are particularly excited to expand our partnership with Bedrock Capital and the Arié Group.”

Nabil El Fahli, CIO of KEYS REIM, comments:

“With the acquisition of the LX Factory in 2017, Keys was able to anticipate and identify the strengths of this ambitious real estate complex. This place has become a real creative hub and reflects the real estate convictions that Keys carries on mixed uses and the development of third places designed to offer a unique local experience. In line with the strategy of the fund, the sale of LX Factory enables to crystallize the asset management strategy deployed since its acquisition.”

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