The American Davidson Kempner Capital Management formed a joint venture with Portuguese asset manager ECS Capital and construction company Magna Industrial to invest in logistics assets on the Iberian Peninsula. The partnership combines Davidson Kempner's global real estate investment expertise, ECS's knowledge of the Portuguese market and asset management capabilities, and Magna's experience in developing and constructing logistics and industrial infrastructure.
The first investment by the joint venture is the acquisition and development of Benavente Prime Hub, a site with approximately 380,000 m² of gross floor area in Benavente, in the logistics corridor of the Lisbon metropolitan area. The development will be phased, with construction expected to begin in 2026 and completion by 2030. The project will feature flexible configurations and BREEAM Excellent sustainability certification, and has already attracted interest from potential occupiers.
The partnership aims to exploit opportunities arising from supply chain reconfiguration, nearshoring, e-commerce and the growing demand for energy-efficient assets. Manuel Noronha Andrade, CEO of ECS, highlighted that the combination of institutional capital, local execution capacity and proactive management will create lasting value. Mario Moreno, CEO of Magna, stated that the company has already delivered over one million square meters of logistics and industrial space in Spain and Portugal.
Davidson Kempner and ECS were advised by PLMJ, Linklaters and Arcadis, while Magna was advised by Cuatrecasas. ECS Capital was founded in 2006 by Fernando Esmeraldo and António de Sousa.
