Europi & Incus Launch €100M+ Bid for Iberian Logistics Dominance

LONDON, UK – December 29, 2025 – In a significant move signaling strong confidence in Southern Europe's burgeoning logistics sector, Europi Property Group and Incus Capital have announced a strategic joint venture to dramatically expand the Ecologis logistics platform. The partnership is armed with an initial investment target of over €100 million to acquire new Grade A assets, aiming to establish Ecologis as a dominant force across the Iberian Peninsula.

The venture combines Europi's expertise in real estate platform-building with Incus Capital's deep financial resources and strong regional presence. It builds upon Ecologis, a platform launched by Europi in 2021, which already boasts a significant footprint in Portugal. The portfolio currently consists of 11 fully-let big box and last-mile logistics assets, totaling 160,000 square meters, strategically concentrated in the high-demand Lisbon metropolitan area. This move is set to inject significant capital and momentum into a market characterized by soaring demand and a scarcity of modern, high-quality facilities.

Capitalizing on a Booming Iberian Market

The timing of this joint venture is no coincidence. The Iberian logistics market is currently one of Europe's most dynamic, fueled by a confluence of powerful economic trends. The relentless growth of e-commerce has fundamentally reshaped consumer expectations, creating immense pressure for faster, more efficient supply chains. This has led to a surge in demand for strategically located logistics hubs that can support same-day delivery and sophisticated reverse logistics operations.

Market data underscores the region's appeal. In 2024, Spain's logistics market saw a remarkable rebound, with total take-up reaching 2.5 million square meters, a 23% increase from the previous year. Key hubs like Madrid and Barcelona experienced annual leasing growth of 20% and 40%, respectively. This demand has kept vacancy rates for prime properties exceptionally low, with Barcelona's highly sought-after ZAL logistics zone reporting a vacancy of just 1.3%.

Portugal tells a similar story of intense demand. The Greater Lisbon area, where Ecologis' current assets are concentrated, has a vacancy rate of just 3.25%. This supply pressure is compounded by a critical issue facing the Portuguese market: the quality of its existing stock. An estimated 43% of Portugal's logistics facilities are classified as Grade C or below, a figure projected to worsen. This creates a substantial opportunity for developers and investors focused on modern, high-specification Grade A assets, which is precisely the target of the new Europi-Incus venture.

Furthermore, global supply chain disruptions have accelerated nearshoring and reshoring trends, with companies increasingly looking to move production and distribution closer to their end markets. Portugal, in particular, has emerged as a top nearshore location in the EMEA region, prized for its competitive labor costs and skilled workforce, further stoking demand for advanced logistics infrastructure.

A Partnership Forged for Scale and Strategy

This venture is a textbook example of a strategic alliance designed for rapid growth and market leadership. Europi Property Group, a pan-European real estate investment firm, brings its proven track record in creating and managing specialized real estate platforms. The existing Ecologis portfolio serves as a robust foundation, providing immediate scale and operational cash flow.

Incus Capital, a real assets investment firm managing over €2.5 billion, provides the financial firepower and flexible capital solutions necessary for an ambitious acquisition and development strategy. This combination of operational expertise and financial backing is crucial in a competitive landscape that includes global giants like Prologis and GLP.

"This kind of partnership allows for a more aggressive growth trajectory than either party might pursue alone," noted one real estate investment analyst. "You have the operational team that knows how to find, develop, and manage the assets, paired with a capital partner that can execute deals quickly and at scale. It's a formula for capturing market share in a high-growth environment."

The joint venture's strategy is twofold: acquiring high-quality standing assets and pursuing new development opportunities. This flexible approach will allow Ecologis to quickly expand its footprint in both Portugal and Spain, adapting to market opportunities as they arise. By leveraging Europi's platform and Incus's capital, Ecologis is positioned to challenge established players and consolidate a segment of the market that remains fragmented.

The 'Green or Forgotten' Imperative in Modern Logistics

A core pillar of the joint venture's strategy is its unwavering focus on sustainability. The expansion will prioritize Grade A assets that meet high environmental standards, a move that is not just ethically driven but also commercially astute. In today's market, ESG (Environmental, Social, and Governance) compliance has transitioned from a "nice-to-have" to a fundamental requirement for attracting both top-tier tenants and institutional investors.

Ecologis has already established its green credentials, with one of its existing assets achieving a BREEAM In Use 'Excellent' certification—a highly respected benchmark for sustainable buildings. This focus on green real estate provides a significant competitive advantage. Sustainable buildings offer tangible benefits to occupants, including lower energy consumption and reduced operational costs, which are increasingly important considerations for tenants.

The demand is clear. Recent market studies in Spain revealed that 66% of logistics operators are willing to pay higher rents to secure facilities with environmental certifications. This trend is creating a two-tiered market where modern, sustainable buildings command premium rents and attract stable, long-term tenants, while older, less efficient properties risk becoming obsolete—a scenario some analysts describe as "green or forgotten."

By embedding sustainability into its acquisition and development criteria, the Europi-Incus venture is not only meeting current market demand but also future-proofing its portfolio against stricter regulations and evolving investor expectations. In a market like Portugal, where the shortage of high-quality stock is acute, a portfolio of modern, green-certified logistics hubs represents a highly attractive and defensible investment.

The Road Ahead: Building an Iberian Leader

With over €100 million in committed capital, the joint venture is now actively seeking opportunities to expand the Ecologis portfolio across Iberia. The mission is to build a platform recognized for its high-quality assets, strategic locations, and commitment to sustainability. The expansion will target both the established markets around Lisbon and Madrid and other emerging logistics corridors across Spain and Portugal.

The partnership represents a powerful endorsement of the Iberian Peninsula's role as a critical node in Europe's supply chain network. As e-commerce continues to mature and companies reconfigure their logistics strategies for greater resilience, the demand for modern, efficient, and sustainable warehouse space is set to grow.

By combining financial strength with operational excellence and a forward-looking focus on sustainability, Europi Property Group and Incus Capital are making a calculated bet that they can build the next leading logistics player in one of Europe's most promising markets. The successful execution of their plan could serve as a blueprint for real estate investment and development across the continent.