The strategic joint venture kicks off with the acquisition of Benavente Prime Hub, a prime 380,000 m² development in the Lisbon metropolitan area’s logistics corridor.
• The alliance combines global institutional capital, Portuguese and Spanish market knowledge, and logistics and industrial development expertise.
• Benavente Prime Hub, an approximately 380,000 m² development in the Lisbon metropolitan area’s logistics corridor, is the joint venture’s first investment.
• First phase of construction to begin in 2026, with completion expected by 2030; all buildings will aim for BREEAM Excellent certification.
Davidson Kempner Capital Management LP (“Davidson Kempner”), a global investment management firm; ECS Capital (“ECS”), a leading Portuguese investment manager; and Magna Industrial (“Magna”), a company specializing in the promotion, development, and construction of logistics, industrial, commercial, office, and data center infrastructure, today announced the launch of a strategic joint venture to invest in logistics assets across the Iberian Peninsula. As its first operation, the company has acquired Benavente Prime Hub, an approximately 380,000 m² development located in the Lisbon metropolitan area’s logistics corridor.
The alliance combines three complementary capabilities: Davidson Kempner’s global capital base and investment expertise, ECS’s Portuguese market knowledge and asset management, and Magna’s know-how in logistics and industrial infrastructure development and construction. This combination positions the joint venture to invest in modern logistics and industrial assets across the peninsula, focusing on opportunities arising from supply chain reconfiguration, nearshoring, the boom in e-commerce, and the growing demand from logistics operators (3PLs), manufacturers, and retailers. Added to this is an increasing need for energy-efficient and technology-driven assets.
The vehicle will also apply an occupant-oriented development and commercialization model: it will combine its internal investment and development expertise with specialized agency teams and direct engagement with national and international occupants, supporting them in the processes of consolidating, expanding, or reconfiguring their distribution networks in Iberia.
“The logistics sector remains one of the clearest examples within real estate where long-term structural demand, operational complexity, and disciplined capital deployment combine to create lasting value,” says Manuel Noronha Andrade, CEO of ECS. “Iberia offers an attractive set of opportunities: occupants are re-evaluating their supply chains, modern Grade A stock remains limited in key corridors, and Portugal is gaining importance in regional and cross-border distribution. Benavente is the point where Portugal’s logistics needs, its industrial base, and its international connectivity converge. Through this joint venture with Davidson Kempner and Magna, we combine institutional capital, local execution, and active management to transform these opportunities into modern, flexible, and sustainable assets, capable of meeting the demands of occupants, financiers, and long-term capital.”
“Modern logistics infrastructure demands more than just land and capital: it requires technical control, certainty in delivery times, and buildings designed for the future operations of their occupants,” points out Mario Moreno, CEO of Magna. “Magna has delivered over one million m² of logistics and industrial space in Spain and Portugal — more than 800,000 m² in new construction and over 200,000 m² in refurbishment work — and we will apply that same discipline at Benavente Prime Hub: flexible warehouse configurations, BREEAM Excellent standards, and a delivery schedule that occupants can plan with certainty.”
“When development expertise and institutional capital align correctly, the Iberian Peninsula offers a significant opportunity for long-term value creation,” concludes José Salama, Investment Director at Magna.
Benavente Prime Hub is located in Benavente (Portugal), within the Lisbon metropolitan area’s logistics corridor and close to major north-south and cross-border transport routes. The project includes up to 380,000 m² of gross internal area spread across seven phases, with a maximum of 48 warehouses on an approximately 630,000 m² plot. The development will be executed in phases: the first will begin construction in 2026, with completion expected by 2030, and all buildings will aim for BREEAM Excellent certification. The project has already generated anticipation among a wide range of potential occupants, reflecting high interest in the available space.
Davidson Kempner and ECS were advised by PLMJ, Linklaters, and Arcadis. Magna was advised by Cuatrecasas.
