Chancerygate Mitiska JV Launches €25M Grade A Urban Logistics Park in Sintra, Targeting BREEAM Excellent

In a significant development for Sintra's industrial real estate sector, a joint venture between Mitiska REIM, a European real estate investment fund specializing in last-mile logistics, and Chancerygate, a UK-based industrial property developer, has secured architectural approval for a €25 million Grade A urban logistics park. This investment demonstrates growing institutional confidence in Portugal's logistics sector and represents the partners' first development in the Portuguese market.

The Campo Raso Business Park will deliver 14,700 square meters of multi-tenant light industrial and logistics space across 15 units, targeting both occupiers and institutional investors seeking sustainable, well-located assets. With construction scheduled to begin in the first half of 2025 and completion targeted for early 2027, this development signals a strategic expansion of modern logistics infrastructure in the Lisbon metropolitan area.

The project site occupies 2.7 hectares in Sintra, a municipality 25 kilometers northwest of central Lisbon, strategically positioned between the Portuguese capital and the Atlantic coast. The location offers exceptional connectivity through major road networks including the A37 and A16 highways, providing direct access to Lisbon's international airport and port facilities within 30 minutes, while the N9 and N250-1 regional roads ensure efficient distribution throughout the metropolitan area.

This positioning makes the development particularly attractive for logistics operators serving the Greater Lisbon market, as Sintra's combination of transport infrastructure, skilled workforce availability, and relatively lower operational costs compared to prime Lisbon locations creates compelling economics for distribution and light manufacturing activities. For investors evaluating Portugal's logistics market dynamics, see our comprehensive commercial real estate market insights.

Market Implications for Investors

The €25 million investment by the Mitiska-Chancerygate joint venture carries significant implications for Portugal's logistics real estate sector, particularly as e-commerce growth and supply chain modernization drive demand for sophisticated distribution facilities. The project's focus on Grade A specifications—representing the highest quality industrial buildings with modern specifications including high ceilings, large floorplates, and advanced loading facilities—indicates developers' confidence in attracting quality tenants willing to pay premium rents for superior infrastructure.

This development reflects broader institutional investor appetite for Portuguese logistics assets, driven by the country's strategic position as a gateway to European, African, and American markets. The multi-tenant design, offering flexible unit sizes from 600 to 2,200 square meters, positions the project to capture diverse demand from third-party logistics providers, e-commerce operations, and light manufacturing companies seeking modern, sustainable facilities.

The emphasis on environmental certifications, targeting both BREEAM Excellent—a globally recognized sustainability assessment for buildings—and EPC A+ rating—Portugal's highest energy performance classification—demonstrates how sustainability considerations increasingly drive investment decisions and tenant selection criteria. This aligns with European Union sustainability mandates and corporate ESG requirements that make energy-efficient buildings increasingly valuable assets for institutional portfolios.

Joint Venture Partners' Strategic Positioning

Mitiska REIM brings substantial European logistics expertise, managing over €1.5 billion in assets across the logistics sector with a focus on last-mile delivery facilities in strategic urban locations. Their partnership with Chancerygate, which has developed more than 7 million square feet of industrial space across the UK, combines continental European market knowledge with British development expertise—creating a formidable platform for Portuguese expansion.

The selection of Portugal for their first joint venture reflects sophisticated market analysis identifying supply-demand imbalances in modern logistics space, particularly around Lisbon where aging industrial stock fails to meet contemporary operational requirements. Their commitment to sustainability standards positions them advantageously as Portuguese regulations increasingly favor environmentally responsible development.

Sintra Logistics Market Context

Sintra's emergence as a logistics hub reflects strategic advantages including available land, competitive costs, and excellent transport connectivity to both Lisbon and key Atlantic ports. The municipality has actively courted industrial investment through streamlined permitting processes and infrastructure improvements, creating an environment conducive to large-scale logistics development.

Several factors continue driving logistics real estate demand in the Sintra-Lisbon corridor:

• E-commerce Expansion: Portuguese online retail growth averaging 15% annually creates sustained demand for last-mile distribution facilities
• Supply Chain Regionalization: Companies relocating European distribution closer to consumer markets favor Portugal's strategic Atlantic location
• Infrastructure Investment: Government spending on transport networks improves connectivity between Sintra and key markets
• Labor Market Dynamics: Available skilled workforce and competitive wage structures support logistics operations

These fundamentals create a supportive environment for institutional-grade logistics investment, particularly for developers offering modern, sustainable facilities that meet evolving tenant requirements. For developers seeking similar opportunities in the region, consulting with Sintra-based construction companies familiar with local regulations can accelerate project delivery.

Investment Considerations

For foreign investors evaluating Portuguese logistics opportunities, the Campo Raso Business Park exemplifies key success factors: strategic location, modern specifications, and sustainability credentials. The project's targeting of both occupiers and institutional investors reflects sophisticated market positioning, creating potential exit strategies through sale to REITs or pension funds seeking Portuguese logistics exposure.

The emphasis on multi-tenant design reduces vacancy risk while providing rental growth potential through lease turnover and rent escalations. Investors should note that Portuguese logistics yields typically range 5.5-7.0% for quality assets, attractive compared to core European markets while offering similar covenant strength from multinational tenants.

Foreign investors considering Portuguese logistics development should engage English-speaking real estate lawyers familiar with industrial development regulations, as projects require navigation of environmental licensing, construction permitting, and tax optimization structures that vary significantly from other European jurisdictions.

Looking Ahead

The Mitiska-Chancerygate joint venture's Portuguese debut through the Campo Raso Business Park signals growing international recognition of Portugal's logistics potential. With construction beginning in 2025 and delivery scheduled for 2027, the project timeline positions the partners to capitalize on anticipated market growth while establishing a platform for expanded Portuguese operations.

As Lisbon's logistics market continues maturing, institutional developers bringing international expertise and capital will play increasingly important roles in supplying the modern, sustainable facilities that tenants demand. For investors seeking exposure to Portugal's logistics sector, developments like Campo Raso Business Park offer compelling combinations of yield, growth potential, and institutional-grade quality. For expert guidance on logistics property investment in Portugal, contact realestate-lisbon.com.