Real estate investors Chancerygate and Mitiska REIM have teamed up to develop multi-let light industrial parks in Portugal and acquired a 6.67-acre brownfield site in Sintra.
The companies said the partnership鈥檚 initial plan is to acquire five sites to deliver multi-let developments in the Lisbon and Porto districts.
Mitiska REIM, which has been active in the Portuguese market since 2017, acquired the latest site on behalf of the Mitiska European Real Estate Partners 3 fund.
Founded in 1995, Chancerygate currently has around 1.16m sqft of urban logistics space under construction or ready for development across ten sites in the UK.
Chancerygate managing director, Richard Bains, said: 鈥淲e are delighted to be joining forces with Mitiska REIM in Portugal and continue our expansion into Europe. We are complementary partners who bring compatible experience to the relationship.鈥�
Chancerygate European director, Jason Sharman, said: 鈥淥ur recently purchased brownfield site in Sintra is an ideal location for our JV with Mitiska REIM to make its debut within Portugal.
鈥淚t has excellent transport connectivity and, subject to planning being granted, will showcase our high quality, high specification, sustainable product to prospective occupiers and investors.鈥�
Enzo Guidez, Mitiska REIM鈥檚 investment manager in Portugal, said: 鈥淭he Portuguese market is currently underserved with modern and sustainable multi-let light industrial and last-mile urban logistics space.
鈥淭he combination of high demand from businesses for Class A units and the current low vacancy rates in existing stock makes this an exciting market opportunity for our new JV to expand in this sector.鈥�
Jan Du Bois, Mitiska REIM鈥檚 managing director for Belgium, Spain and Portugal, said: 鈥淭his JV brings together Mitiska REIM鈥檚 on-the-ground presence, strong local network and expertise in sourcing off-market deals with Chancerygate鈥檚 significant experience and track record in the industrial and urban logistics sector.鈥�
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