Logicor Announces Major Logistics Park Development in Gaia and Expands Pipeline Near Lisbon
Logicor, a leading owner and operator of logistics real estate in Europe, has announced the development of the Canelas Logistics Park, a significant 21,000-square-meter speculative project in Vila Nova de Gaia, 12 kilometers from central Porto. The company also detailed an extensive development pipeline in the Lisbon metropolitan area, including 80,000 square meters of new and redeveloped logistics space in Montijo, Póvoa de Santa Iria, and Alverca, signaling a major expansion of its Portuguese portfolio to meet intense market demand.
The Canelas Logistics Park project will feature four distinct units of approximately 5,200 square meters each, designed to offer flexible solutions for single or multi-tenant occupancy. The development is a direct response to what the company identifies as growing pressure in the Northern Portugal market, where demand for modern logistics facilities is outpacing supply. The project's specifications include advanced infrastructure and a strategic location with direct access to the A29, A1, A20, and A32 motorways, positioning it as a critical hub for national and international distribution. One of the four units has already been pre-leased to a global operator in the automotive glass services sector, confirming strong market interest ahead of completion.
Construction is scheduled to adhere to high sustainability standards, with the project targeting a BREEAM Excellent certification. Key environmental features include a 138 kW photovoltaic power station with an estimated annual production of 194 MWh, energy-efficient LED lighting systems, and architectural designs focused on minimizing resource waste. This aligns with Logicor's global 'Acting Responsibly' commitment, which mandates a 36% reduction in Scope 1, 2, and 3 emissions by 2030. The company reported it had already achieved a 34% reduction in GHG emissions per square meter by the end of 2024.
André Machado, Director of Asset Management for Logicor Portugal, commented on the project's strategic importance. 'Gaia is a strategic location for logistics operations, offering easy access to both national and international markets,' he stated in a press release. 'We believe this new development will support our clients and the growth of their businesses by facilitating the flow of commerce. The infrastructure and connectivity of this park are designed to optimize supply chains.' The project's financing is secured through Logicor's internal capital allocation for European growth markets, with the total investment figure for the Canelas park estimated to be around €25 million.
In addition to its northern expansion, Logicor is advancing a substantial pipeline in the Greater Lisbon area. Construction is already in progress on two new logistics buildings in Montijo, totaling 40,000 square meters. The company also confirmed it expects to receive a construction license in September for a 30,000-square-meter redevelopment project in Póvoa de Santa Iria. A further 10,000-square-meter redevelopment in Alverca is slated to begin in early 2026. These projects are strategically located within Portugal's central logistics corridor, providing critical access to the Lisbon metropolitan area and the primary transport routes connecting to Spain and the rest of Europe.
These developments complement Logicor's existing key assets in the south, such as the Palmela 6 and Palmela 4 parks. The Palmela 6 facility, with a total area of 46,870 square meters and a clear height of 10 meters, is a major asset for large-scale operations. The Palmela 4 and Palmela 3 assets provide an additional 54,841 square meters of flexible warehouse space in one of the Lisbon region's densest industrial zones. These facilities are integral to the supply chains of major retailers and e-commerce companies operating in Portugal.
The expansion reflects a broader trend of institutional investment in Portugal's logistics sector, driven by the growth of e-commerce and the nearshoring of supply chains within Europe. According to a recent market report by a leading real estate consultancy, prime logistics yields in Portugal have compressed over the past 24 months, and vacancy rates in the Greater Lisbon and Greater Porto areas are at historic lows. Logicor's speculative and redevelopment projects are positioned to capture the resulting rental growth and provide much-needed modern stock to the market.
The company's long-term investment strategy in Portugal is focused on identifying and activating high-potential logistics assets across the country's main economic hubs. The current pipeline demonstrates a commitment to combining large-scale industrial development with high environmental standards, addressing the dual demands of market efficiency and corporate responsibility. The successful pre-lease at the Canelas park indicates that the market is highly receptive to this class of modern, sustainable logistics asset.
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