Sintra Approves €25 Million Speculative Logistics Park, Signaling Institutional Confidence in Portugal's Industrial Market

In a notable development for Portugal's logistics real estate sector, the municipality of Sintra has approved architectural plans for a €25 million industrial and logistics park spanning 14,700 square meters. This speculative development—built without pre-leased tenants—by Mitiska REIM, a Belgian real estate investment manager with €1.5 billion in assets under management, and Chancerygate, the UK's largest industrial property developer, represents a significant bet on continued demand for modern logistics space in the Lisbon metropolitan area.

The Campo Raso Business Park, situated 25 kilometers northwest of central Lisbon, will occupy a 2.7-hectare site and comprise 15 units ranging from 600 to 2,200 square meters each. This development underscores growing institutional investor appetite for Portuguese logistics assets and reflects broader trends in European industrial real estate investment.

The development occupies a strategic position in Sintra, a municipality 25 kilometers northwest of Lisbon's city center, renowned for its UNESCO World Heritage palaces and increasingly attractive to businesses seeking modern industrial facilities outside the capital's congested core. The site benefits from excellent connectivity via the N9 and N250-1 regional roads and proximity to the A37 and A16 motorways, providing rapid access to Lisbon's central business district and Humberto Delgado Airport within 30 minutes. For comprehensive analysis of industrial locations in the Lisbon region, see our Lisbon metropolitan area guide.

This location appeals to logistics operators and light industrial businesses seeking modern facilities with strong transport links while avoiding premium Lisbon rents. The area's combination of strategic positioning, available land, and improving infrastructure makes it particularly attractive for foreign investors targeting Portugal's growing e-commerce and distribution sectors.

Market Implications for Investors

The speculative nature of this development—undertaken without pre-secured tenants—carries significant implications for industrial real estate investors. This approach indicates substantial confidence in underlying market demand and absorption rates for quality logistics space in the Lisbon region. For institutional investors, speculative development represents both opportunity and risk, offering potentially higher returns if leasing succeeds but exposing capital to vacancy risk during lease-up periods.

The €25 million investment reflects institutional capital allocation toward Portuguese logistics assets, driven by factors including e-commerce growth, supply chain diversification, and Portugal's position as a gateway to European and Atlantic markets. According to recent market data, prime logistics yields in Portugal range between 5.25% and 5.75%, offering attractive returns compared to other European core markets.

The development's multi-tenant configuration—15 units averaging 980 square meters each—positions it to capture demand from small to medium-sized logistics operators, light industrial users, and last-mile delivery companies serving the Lisbon metropolitan area's 2.8 million consumers. This tenant diversification strategy reduces single-tenant risk while maximizing rental income potential.

Joint Venture Partners' Strategic Positioning

Mitiska REIM, founded in 2006 and headquartered in Antwerp, specializes in European real estate investment with particular expertise in logistics and light industrial assets. The firm manages over €1.5 billion across core and value-add strategies, with significant presence in Portugal where it has operated since 2017 and currently manages 150,000 square meters of assets. This track record demonstrates institutional-scale capability and local market knowledge essential for successful speculative development.

Chancerygate, established in 1995 and the UK's largest industrial developer, brings extensive experience in multi-tenant logistics parks and has expanded across Europe through offices in Lisbon, Madrid, and Dublin. The company currently has 60,000 square meters of logistics projects under development on the continent, indicating strong growth momentum and commitment to European expansion beyond its UK base.

Portuguese Logistics Market Context

Portugal's logistics real estate market has demonstrated remarkable resilience and growth, driven by structural changes in consumer behavior and supply chain strategies. The sector benefits from Portugal's strategic location as Europe's western gateway, modern infrastructure including the deep-water port of Sines, and competitive operating costs relative to other European markets.

Several factors continue to influence logistics real estate demand in Portugal:

• E-commerce Acceleration: Online retail penetration reaching 11.8% of total retail sales drives demand for last-mile distribution facilities and urban logistics space
• Nearshoring Trends: European companies relocating manufacturing and distribution closer to consumption markets benefits Portuguese industrial locations
• Institutional Capital Inflows: International investors seeking yield and diversification allocate increasing capital to Portuguese logistics assets
• Infrastructure Investment: Government spending on transport infrastructure including rail, road, and port improvements enhances logistics efficiency

These dynamics create a supportive environment for speculative logistics development, particularly for well-located, modern facilities targeting mid-sized tenants. The market intelligence suggests continued institutional interest in Portuguese logistics throughout 2024-2025.

Investment Considerations

For foreign investors evaluating Portuguese industrial real estate, the Campo Raso development offers several strategic insights. The speculative approach indicates developer confidence in market fundamentals, while the multi-tenant strategy provides risk mitigation through diversification. Investors should analyze comparable transactions, rental levels, and absorption rates when assessing similar opportunities.

The development's ESG credentials—BREEAM Excellent certification and EPC A+ rating—increasingly matter to institutional investors facing sustainability mandates. These features command rental premiums and attract quality tenants while future-proofing assets against regulatory changes. Foreign investors should consult with English-speaking real estate lawyers experienced in Portuguese industrial property transactions to navigate due diligence requirements and ownership structures.

Timing considerations include the 2026-2027 delivery schedule, coinciding with anticipated market growth, while the joint venture's expansion plans in Lisbon and Porto suggest pipeline opportunities for investors seeking portfolio-scale exposure to Portuguese logistics.

Looking Ahead

The Campo Raso Business Park approval represents more than a single development—it signals institutional capital's continued confidence in Portuguese logistics real estate. As e-commerce growth, supply chain reconfiguration, and institutional investment flows converge, quality logistics assets in strategic locations should benefit from sustained demand and rental growth.

For investors monitoring European logistics markets, Portugal offers compelling fundamentals including strategic location, modern infrastructure, competitive costs, and supportive government policies. The Mitiska-Chancerygate joint venture's expansion plans suggest additional opportunities will emerge for investors seeking exposure to this dynamic market segment. For expert guidance on industrial property investment in Portugal, contact realestate-lisbon.com.