Sintra Greenlights €25M Campo Raso Business Park, Set to Boost Lisbon's Industrial Market

In a significant strategic move that underscores the growing allure of Portugal's industrial real estate sector, the municipality of Sintra has given the green light to the architectural project for the Campo Raso Business Park. This €25 million development, spearheaded by a partnership between seasoned European investor Mitiska REIM and specialist developer Chancerygate, is not just a new project; it's a powerful vote of confidence in the Lisbon metropolitan area's economic trajectory and its emergence as a critical logistics hub in Southwestern Europe.

The park will be developed on a 2.7-hectare site in Campo Raso, Sintra, an area strategically positioned to capitalize on its proximity to Lisbon's dense consumer market. The decision to build on a speculative basis—without pre-lease agreements—is particularly noteworthy. It reflects a deep market analysis and a firm belief that demand for high-quality, modern logistics facilities far outstrips the current supply. This strategic location is a key asset, a topic further explored in our Lisbon neighborhoods guide, which provides context on regional economic drivers.

With construction slated to begin in the first half of 2026 and completion expected in the first half of 2027, the project is timed to enter a market hungry for institutional-grade assets. The development will feature 15 distinct units, with flexible areas ranging from 600 m² to 2,200 m², designed to cater to a diverse tenant base, from last-mile delivery operators to advanced manufacturing firms. This flexibility is a crucial element for mitigating risk and ensuring high occupancy rates.

Market Implications for Investors

For foreign investors, the Campo Raso Business Park is a clear indicator of the maturation of Portugal's real estate market. The entry of experienced international players like Chancerygate and Mitiska REIM validates the market's fundamental strengths and signals a shift towards higher-quality, professionally managed assets. This development is expected to set a new benchmark for industrial parks in the country, aligning with the stringent requirements of institutional investors. Our investment and strategy guides offer further analysis on this trend.

The project's focus on the urban logistics and light industrial segment is a direct response to powerful macroeconomic trends. The exponential growth of e-commerce has created intense demand for facilities that can support rapid delivery times to urban populations. Furthermore, the recent emphasis on supply chain resilience is prompting companies to move away from distant manufacturing hubs and establish operations closer to their end markets, a trend known as nearshoring. This development is perfectly positioned to capitalize on both phenomena.

According to Sebastião Madeira, Chancerygate's development director in Portugal, the park will be “the first multi-inquilino de logística urbana e light industrial no país a conciliar as exigências de ocupantes e investidores institucionais.” This commitment to meeting institutional standards is critical for long-term asset value and liquidity, ensuring the park will be a prime candidate for acquisition by pension funds, REITs, and other major players upon stabilization. Investors can track similar projects on our off-plan properties in Sintra page.

Chancerygate and Mitiska REIM: A Strategic Partnership

The collaboration between Chancerygate and Mitiska REIM is a powerful one. Chancerygate brings its extensive experience as the UK's leading multi-unit industrial developer, with a proven track record of delivering high-quality projects. Mitiska REIM contributes its deep expertise in European real estate investment, particularly in the convenience and urban logistics sectors. This synergy of development skill and investment acumen significantly de-risks the project and enhances its potential for success.

Their entry into Portugal is a calculated move, reflecting a broader trend of capital flowing into Southern European logistics markets. Portugal, and the Lisbon area in particular, offers a compelling combination of a stable political environment, strong economic fundamentals, and a significant deficit of modern logistics infrastructure. This creates a prime opportunity for developers to achieve attractive, risk-adjusted returns. The project will undoubtedly rely on top-tier constructors from Sintra to meet its high standards.

Lisbon's Industrial Market Context

The Greater Lisbon industrial market is at an inflection point. For years, it has been characterized by a fragmented landscape of older, often inefficient buildings. However, the demands of modern logistics—higher ceilings, wider column spacing, advanced fire safety systems, and sustainability features—have rendered much of this existing stock obsolete. This creates a substantial opportunity for new developments that meet modern specifications.

Several factors are converging to drive demand and investment in this sector:

• Record-Low Vacancy: Vacancy rates for modern logistics facilities in the Lisbon area are at historic lows, giving landlords significant pricing power and ensuring strong pre-lease activity for new projects.
• Rental Growth Potential: As demand continues to outpace supply, industrial rents are projected to experience sustained growth, offering investors a hedge against inflation and the potential for significant capital appreciation.
• Infrastructure Investment: Ongoing and planned investments in Lisbon's infrastructure, including the expansion of the port and airport, will further enhance the region's appeal as a strategic logistics hub.
• Sustainability Mandates: There is growing tenant and investor demand for environmentally friendly buildings. Projects incorporating green building practices, such as those overseen by green building constructors, can command premium rents and are more resilient to future regulatory changes.

The Campo Raso Business Park is designed to meet these modern demands, incorporating high standards of construction and energy efficiency, making it a highly desirable asset for both tenants and future investors.

Investment Considerations

For international investors looking to diversify their portfolios, the Portuguese industrial sector offers a compelling narrative. The Campo Raso Business Park serves as an excellent case study in how to approach this market. The project's multi-tenant design offers a more resilient income profile compared to single-tenant assets, spreading risk across a diversified occupier base. This is a key consideration for risk-averse investors, a topic we explore in our guide on investment risks.

Furthermore, the asset class is backed by non-cyclical demand drivers like population growth and the continued shift to e-commerce, making it less susceptible to economic downturns than other real estate sectors. Engaging with English-speaking real estate agents with expertise in the commercial sector is crucial for navigating the local landscape and identifying similar high-potential opportunities.

Future Outlook

The approval of the Campo Raso Business Park is more than just a local construction update; it is a clear signpost for the future of the Lisbon real estate market. It highlights a strategic shift towards modern, institutional-grade assets and confirms the region's growing importance on the European logistics map. The project's success is likely to attract further international investment, creating a virtuous cycle of development and economic growth.

As this development progresses, it will serve as a crucial benchmark for rental rates, construction quality, and investment yields in the sector. Stakeholders across the industry will be watching closely as it moves towards its 2027 completion date. For expert guidance on navigating the complexities and opportunities within Lisbon's commercial and industrial real estate market, contact realestate-lisbon.com.