Europi & Incus Capital Forge Iberian Logistics Powerhouse

STOCKHOLM, SWEDEN – December 29, 2025 – In a significant move set to reshape the Iberian logistics landscape, Europi Property Group and Incus Capital have announced a strategic joint venture. The partnership will inject substantial capital and resources into Ecologis, a fast-growing Portuguese logistics company, with the ambitious goal of transforming it into one of the Iberian Peninsula's leading logistics platforms.

The collaboration leverages the deep regional and sector-specific expertise of both firms. It is founded on a shared vision to build a modern, large-scale, high-quality logistics portfolio spanning the most economically vital metropolitan areas of Spain and Portugal. This venture signals strong confidence in the region's market fundamentals and a commitment to long-term, sustainable value creation.

The Ecologis Foundation: A Portuguese Success Story

Launched by Europi at the end of 2021, Ecologis has rapidly established itself as a premier logistics platform in Portugal. The company's current portfolio consists of 11 strategically acquired assets, encompassing both big-box distribution centers and crucial last-mile delivery hubs. These properties represent a total of 160,000 square meters of prime logistics space, concentrated primarily within the highly sought-after Lisbon metropolitan area.

A key strength of the existing platform is its exceptional connectivity and prime location. All assets are situated near major motorways and urban centers, ensuring efficient supply chain operations for tenants. This strategic positioning has attracted a blue-chip tenant roster, and the portfolio is currently fully let. Occupiers include major international and domestic third-party logistics (3PL) providers, leading food distribution companies, and prominent e-commerce players, reflecting the diverse and resilient demand for modern logistics facilities in the region.

"Since Ecologis was launched, the platform has delivered superior performance and grown to become one of the largest of its kind in Portugal," commented Jonas Fink, Group Investment Director of Europi Property Group. This success has created a compelling foundation upon which the new joint venture intends to build.

A Commitment to Sustainability and Modernity

Beyond its strategic locations and strong tenant base, the Ecologis portfolio stands out for its high-quality construction and robust sustainability credentials. The joint venture plans to continue and enhance this focus on creating a modern, environmentally conscious platform. Existing assets already feature value-adding and sustainable elements such as rooftop solar panel installations and high energy efficiency ratings, which reduce operational costs for tenants and align with broader ESG (Environmental, Social, and Governance) objectives.

A landmark achievement for the portfolio is its Adarse asset, which became the first logistics property in Portugal to be awarded a BREEAM In Use 'Excellent' certification. BREEAM (Building Research Establishment Environmental Assessment Method) is a globally recognized standard for assessing the sustainability of buildings. Achieving an 'Excellent' rating signifies best-in-class performance in areas such as energy and water use, health and well-being, pollution, transport, materials, waste, and ecology. This certification not only sets a new benchmark for the Portuguese market but also underscores the platform's commitment to future-proofed, high-quality assets.

Alejandro Moya, a Partner at Incus Capital, highlighted this aspect, stating, "The platform has been built to a very high standard, with a strong portfolio, excellent locations and a clear commitment to sustainability."

The €100 Million Iberian Expansion Strategy

The newly formed joint venture has outlined an aggressive expansion strategy, backed by an initial commitment to acquire at least €100 million of additional assets. The focus will be on sourcing and securing best-in-class, Grade A logistics properties across both Portugal and Spain. This dual-country approach marks a significant scaling of Ecologis's original Portuguese focus, aiming for a truly Iberian footprint.

The acquisition strategy is flexible, targeting a mix of opportunities including new development projects and the purchase of high-quality, income-producing standing assets. This allows the venture to be agile in a competitive market, creating value through both ground-up development and strategic acquisitions. The expansion will be guided by a conviction in the "buoyant underlying fundamentals" of the Iberian logistics market, which continues to benefit from the growth of e-commerce, supply chain reconfiguration, and increased foreign investment.

In addition to new acquisitions, the venture will continue its "high focus on accretive asset management initiatives." This involves actively managing the existing and future portfolio to enhance value, improve operational efficiency, and further bolster the platform's already impressive sustainability profile.

A Partnership of Complementary Strengths

The collaboration between Europi and Incus Capital is a strategic alignment of complementary expertise. Europi, a pan-European real estate investment company, brings its entrepreneurial approach and a proven track record in creating the successful Ecologis platform from the ground up. The firm's active ownership model and focus on sustainability have been instrumental in Ecologis's rapid growth and high performance.

Incus Capital, a real assets investment firm with established offices in Madrid and Lisbon, provides deep-rooted local knowledge and a strong Iberian presence. This on-the-ground expertise is expected to be crucial for sourcing off-market opportunities and navigating the local complexities of development and acquisition in both Spain and Portugal.

Jonas Fink of Europi expressed his enthusiasm for the partnership, noting, "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."

Echoing this sentiment, Alejandro Moya of Incus Capital added, "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."

The transaction was facilitated by a team of leading advisors. Europi was advised by Morais Leitao for legal matters, Ernst & Young for tax, and NewCycle for technical due diligence. Incus Capital was advised by PLMJ on legal aspects, Savills for commercial and technical advice, and Deloitte for tax and financial guidance. This extensive advisory network underscores the scale and professionalism of the venture. With its unique financial backing and a clear focus on operational value creation, the expanded Ecologis platform is now exceptionally well-positioned for its ambitious Iberian expansion.