EIPA2, is a modern logistic platform located in Carregado, the hub north of Lisbon, with 50,000 sqm GCA, leased under a long-term agreement with a renowned single tenant from the retail industry. The asset was locked in an insolvency process.
Following an acquisition of mortgage-backed credits held over the original developer, ECS steered the insolvency proceedings to focus on cash generation and continuity of the business under a single tenant. Having secured the creditors’ committee voting, this led to an efficient takeover of the asset.
In 2017, the divestment was successfully concluded, with EIPA2 being sold to a well-known European investor at a significant yield compression.