Europi & Incus Forge Alliance for Iberian Logistics Dominance

STOCKHOLM, SWEDEN – December 29, 2025 – In a significant move signaling strong confidence in Southern Europe's real estate market, Europi Property Group and Incus Capital have formed a strategic joint venture to transform the Portuguese logistics company Ecologis into a dominant Iberian platform. The partnership will inject significant new capital and resources to acquire and develop modern, sustainable logistics assets across both Portugal and Spain, capitalizing on the region's booming demand.

This alliance builds upon the success of Ecologis, which was launched by Europi in late 2021 and has rapidly established a high-quality portfolio. The new venture aims to leverage the combined expertise and financial power of both firms to create a large-scale, best-in-class logistics network covering the most critical metropolitan hubs of the Iberian Peninsula.

Riding the Wave of Iberia's Logistics Boom

The timing of the joint venture is strategically aligned with powerful market tailwinds. The Iberian logistics sector is experiencing unprecedented growth, driven by the structural shift to e-commerce, the reconfiguration of global supply chains toward nearshoring, and a resilient economic backdrop. Market data reveals a sector in full expansion, creating a fertile ground for ambitious investment.

In Spain, the logistics market demonstrated a robust recovery in 2024, with leasing activity surging 20% in Madrid and an impressive 40% in Barcelona compared to the previous year. Investment volume hit approximately €1.35 billion, while prime rents in Barcelona climbed 12.5%. Projections for 2025 suggest this momentum will continue, with overall real estate investment expected to grow by 10-15%. Similarly, Portugal's logistics take-up saw a 13% year-on-year increase as of Q3 2025, with the Greater Lisbon area facing intense demand and a low vacancy rate of just 3.25%.

Crucially, the demand is not just for any space; it is for Grade A, modern, and environmentally sustainable facilities. Investors and tenants alike are prioritizing assets that meet stringent ESG criteria, a trend that this new partnership is designed to meet head-on. The focus on high-quality, certified buildings reflects a broader market shift where sustainability is no longer a bonus but a core requirement for long-term value and operational efficiency.

A Strategic Alliance Forged for Growth

The partnership represents a powerful synergy between Europi's proven asset creation and management capabilities and Incus Capital's deep financial resources and regional expertise. Europi, a pan-European investment company with over €800 million in transactions, has already demonstrated its vision with Ecologis, creating a market-leading platform in Portugal from the ground up.

Incus Capital, a real assets investment firm advising on funds with over €2.5 billion in assets under management, brings substantial financial firepower and an entrenched Iberian presence with offices in Madrid and Lisbon. The firm has a strong track record in the region, having invested over €3 billion across more than 120 transactions in Europe since 2012, including the successful sale of a Portuguese logistics portfolio in 2020. This experience provides the new venture with invaluable local market intelligence and execution capability.

Jonas Fink, Group Investment Director of Europi Property Group, commented on the alliance: "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. Since Ecologis was launched, the platform has delivered superior performance and grown to become one of the largest of its kind in Portugal."

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

Ecologis: A Blueprint for Sustainable Supply Chains

At the heart of the venture is Ecologis, a platform already recognized for its quality and forward-thinking approach. Its current portfolio consists of 11 fully let big box and last-mile assets totaling 160,000 square meters, primarily concentrated in the strategic Lisbon metropolitan area. The assets are strategically positioned near major motorways, providing excellent connectivity for its high-caliber tenants, which include major international 3PLs, food distributors, and e-commerce giants.

The portfolio's defining feature is its commitment to sustainability. This goes beyond standard practice, with initiatives like rooftop solar panel installations and high energy efficiency across its properties. A standout achievement is its Adarse asset, which became the first logistics property in Portugal to earn a BREEAM In Use 'Excellent' certification. Furthermore, Ecologis is actively pursuing advanced ESG initiatives, including a partnership with Greenvolt Comunidades to establish local energy communities and installing EV charging stations, future-proofing its assets for the next generation of logistics.

The €100M Expansion and Competitive Drive

The joint venture's immediate goal is to deploy at least €100 million in capital to acquire additional assets. The expansion strategy is twofold, targeting both the development of new, best-in-class facilities and the acquisition of high-quality standing properties across both Portugal and Spain. This dual approach allows for flexibility and speed in scaling the platform to meet market demand.

While the Iberian logistics market is competitive, attracting significant attention from international investors, the Ecologis platform is well-positioned to carve out a leadership role. Its sharp focus on Grade A quality, operational excellence, and verified sustainability credentials serves as a key differentiator in a market increasingly bifurcating between modern, green assets and older, less desirable stock. By combining Europi’s active asset management with Incus Capital's robust backing, the venture is poised to execute its ambitious growth plan and set a new benchmark for logistics real estate in the region.