The German company INBRIGHT, which focuses on the sustainable rehabilitation of existing 'light industrial' and logistics properties—identifying those with "development potential" and modernizing them "based on ESG criteria"—recently landed in Portugal. This was “a strategic and natural decision,” explains the co-founder and managing partner of INBRIGHT Portugal in an interview with idealista/news. According to Christoph Gumlich, there are many “obsolete assets with enormous potential for sustainable rehabilitation” in the country, making “the market very attractive, both for users and investors,” especially since this segment in Portugal is “at the beginning of the ESG transformation.” “Portugal has true hidden gems,” the expert says.

Among the topics discussed in the interview is also the launch of a specific investment program for Portugal worth 100 million euros, in partnership with Patron Capital, which aims to “develop a portfolio of strategically located ‘light industrial’ and logistics properties,” as the executive explains, noting that this program follows on from a “successful partnership in Germany,” where the companies are “investing around 250 million euros in similar projects.”

The first acquisition has already been completed: Alto BP, a multi-tenant industrial and logistics park of 16,259 m² in Vila Franca de Xira. But more deals are in the pipeline. “We are in advanced negotiations for another asset in the Lisbon Metropolitan Area, on the South Bank, and in due diligence for a rehabilitation project in the north of the country,” Christoph Gumlich reveals.

Logistics in Portugal
Alto BP, an industrial/logistics park located in Vila Franca de Xira (Lisbon) – Credits: ECS Portugal

INBRIGHT recently announced its entry into the Portuguese market with the establishment of INBRIGHT Portugal. What led you to choose Portugal – and why now?

Portugal offers a very positive market environment for real estate investments in the light industrial and logistics segments. On one hand, there is a clear shortage of modern spaces aligned with ESG criteria, especially in economically strong regions such as Lisbon and Porto. On the other hand, there is a large number of obsolete assets with great potential for sustainable rehabilitation. This makes the market very attractive for both users and investors.

Our entry into the market is the result of a strategic decision. Demand continues to rise and is being driven by trends such as nearshoring, reindustrialization, and e-commerce. We also see growing interest from international investors in Portugal, which further boosts market momentum.

There’s also a personal reason: I’ve been living in Portugal for several years, which allows me to have closer cultural and operational proximity to the market, as well as to identify business opportunities early and act with a local presence. With INBRIGHT Portugal and our office in Lisbon, we are consolidating that foundation.

Tell us a bit about INBRIGHT’s activity: when was the company founded and what is its focus?

INBRIGHT was founded in Germany in 2020 and specializes in the development and management of light industrial and logistics properties. We focus on urban or peri-urban locations with structural demand potential, betting on the sustainable rehabilitation of existing properties. Our model follows the ‘Transform to Green’ strategy. We identify assets with development potential, modernize them based on ESG criteria, and thus create future-ready spaces for industry, trade, and logistics.

In Germany, we’ve built a portfolio worth over 500 million euros in just a few years. Entering Portugal is a strategic and natural decision, as we know the market well. It was clear to us: if we were to expand, our strategy for another European country would be to enter a market with potential where we could be truly present. Portugal meets these conditions.

Logistics in Lisbon
In areas of the Lisbon Metropolitan Area such as Carnaxide, Loures, and Vila Franca de Xira, there are industrial properties that can be renovated – Google Earth

A new investment program of 100 million euros in light industrial assets in Portugal was recently announced as part of a partnership with Patron Capital. What is the goal of this partnership and investment?

Together with Patron Capital, we launched a specific investment program for Portugal worth 100 million euros. The goal is to develop a portfolio of strategically located light industrial and logistics properties, which we aim to actively develop and align with ESG principles.

Patron Capital, as a pan-European investor, brings the necessary financial strength and extensive international experience. It already has investments in Portugal, particularly in the residential and office sectors, which facilitates market entry. INBRIGHT Portugal is the specialist partner in the light industrial and urban logistics segment. We contribute our local market know-how and asset management expertise to transform the assets.

This program builds on our successful partnership in Germany, where we are investing around 250 million euros in similar projects. We’ve already completed several acquisitions and are creating sustainable value together. In addition, we’re developing the flagship LIZ Ludwigsburg project with Patron: a 100,000-square-meter industrial area that we’re transforming into a high-tech and innovation hub.

The Portuguese market offers similar conditions, with the added advantage of not yet being saturated and being at the beginning of the ESG transformation.

"We are in advanced negotiations for another asset in the Lisbon Metropolitan Area, on the South Bank, and in due diligence for a rehabilitation project in the north of the country. These properties share strategic location, good accessibility, and a solid building structure, suitable for sustainable redevelopment."

The first acquisition has already been completed: Alto BP, a multi-tenant industrial and logistics park of 16,259 m² in Vila Franca de Xira. What can you tell us about this transaction?

With Alto BP, we acquired an asset that perfectly represents our strategy: it is an established property, well located in the Lisbon Metropolitan Area, with a 90% occupancy rate, including a public entity as a tenant. Moreover, the asset has strong potential for energy upgrades and adaptation to user needs. Alto BP is an excellent starting point in the Portuguese market: it combines stable income with development potential, is located in a dynamic economic region, and has the characteristics we seek for our sustainable rehabilitation approach.

Are there more acquisitions about to be completed in Portugal? What can you reveal?

We are in advanced negotiations for another asset in the Lisbon Metropolitan Area, on the South Bank, and in due diligence for a rehabilitation project in the north of the country. These properties share strategic location, good accessibility, and a solid building structure, suitable for sustainable redevelopment. We also see value creation potential and hope to develop them together with their tenants.

Logistics in Porto
In areas of the Porto Metropolitan Area such as Matosinhos and Maia, there are industrial properties that can be renovated – Google Earth

It was mentioned that the goal is to create a sustainable and strategically located portfolio of light industrial and logistics properties in Portugal. What kind of assets are you specifically looking for?

We focus on assets in the light industrial segment in Portugal’s strongest economic regions – properties intended for production, urban logistics, commerce, and research, typically with areas starting at 10,000 m².

Existing properties with good structure are particularly interesting, where it’s possible to significantly improve energy efficiency, carbon footprint, and user quality through specific interventions. Our goal is to create modern spaces and manage them long term – with a clear ESG orientation and aligned with the demands of the industrial, commercial, and service sectors.

Is the geographic focus exclusively on the Lisbon and Porto regions?

The metropolitan areas of Lisbon and Porto – or the “North” – are Portugal’s most economically dynamic regions, with a high business density, including many international companies, and strong demand for space. At the same time, the stock in these areas is very heterogeneous, with many old buildings offering high transformation potential. However, we do not exclude operating in other growing regions, especially where there are relevant industrial clusters or logistics hotspots. The focus is not strictly geographic, but rather driven by demand, structural quality, and development potential.

"Portugal has increasingly attracted the attention of international investors in recent years (...). In the industrial and logistics sector, we see structurally growing demand but little supply of new space. (...) There is a shortage of modern assets that meet ESG criteria. This makes the segment particularly attractive to institutional investors, both national and international."

How is the industrial and logistics sector currently performing in Portugal? Why is it so attractive?

Portugal has increasingly attracted the attention of international investors in recent years, driven by nearshoring and favorable macroeconomic conditions. In the industrial and logistics sector, we see structurally growing demand but little supply of new space. The vacancy rate is below 5% – in prime areas, it drops even below 1–2%. There is a shortage of modern assets that meet ESG criteria. This makes the segment particularly attractive to institutional investors, both national and international. It is precisely in this context that we apply our transformation expertise: rehabilitating existing assets so that they become ESG-compliant products.

There is strong demand for modern and sustainable spaces, but supply must increase. How can that be achieved?

Part of the growth can certainly come from new construction, especially along major road axes and in larger formats above 20,000 m². However, in urban or peri-urban locations, rehabilitating existing properties is often the most efficient and sustainable way to increase supply.

With active asset management, many obsolete buildings can be repositioned in the market – more quickly, more ecologically, and often more economically than new construction. This transformation capability is a key factor in increasing supply in the short term and is often the only way to provide modern spaces in central locations.

Logistics warehouses in Portugal
Logistics warehouses – Freepik

It was mentioned that there are many old properties in Portugal with transformation potential. What kind of properties are these, and where are they located?

That’s true. Portugal has true hidden gems. Especially in industrial areas near Lisbon, such as Carnaxide, Loures, or Vila Franca de Xira, and near Porto airport, in Matosinhos and Maia, there are many industrial properties from past decades. These are functionally outdated but structurally well preserved. Many do not meet ESG criteria but have good access to transport networks and sometimes available expansion areas.

"Portugal has true hidden gems. Especially in industrial areas near Lisbon, such as Carnaxide, Loures, or Vila Franca de Xira, and near Porto airport, in Matosinhos and Maia, there are many industrial properties from past decades. (...) That’s where we want to act and help shape the urban future of Portugal. With targeted interventions in energy efficiency, usage flexibility, and ESG certification, we can adapt these assets to the needs of modern companies."

That’s exactly where we want to act and help shape the urban future of Portugal. With targeted interventions in energy efficiency, usage flexibility, and ESG certification, we can adapt these assets to the needs of modern companies.

What are your outlooks for the coming years in the industrial and logistics sector in Portugal? Are there reasons for optimism?

Definitely. The main growth drivers—digitalization, automation, reindustrialization, e-commerce, and sustainability requirements—will continue to boost the sector for many years. Portugal, with its strategic geographic location and competitive labor conditions, will remain an attractive destination for industrial and logistics operations in the long term.

The big challenge will be to adapt the existing property stock to future market requirements. That’s where we want to act, bringing our experience and know-how to contribute practical and sustainable solutions. We see not only optimism but also a concrete need for action, which we are addressing with our strategy.