Urban logistics property developer and asset manager Chancerygate and real estate investor Mitiska REIM, the leading specialist investor in European convenience real estate, have announced a strategic joint venture (JV) to develop multi-let light industrial parks in Portugal.
The JV has completed its first acquisition, which is a 6.67-acre (2.7-hectare) brownfield site located 20 minutes’ drive northwest of Lisbon within the municipality of Sintra.
The site is situated close to the N9 and N250-1 access roads and the A37 and A16 motorways connecting Lisbon to Sintra, providing convenient access to both the Lisbon city centre and Humberto Delgado Airport.
Chancerygate and Mitiska REIM will submit plans for a high specification and sustainable multi-let light industrial and urban logistics development at the JV’s newly acquired site in Sintra in the near future.
The JV’s initial objective is to acquire five sites to deliver multi-let developments in the Lisbon and Porto districts.
Mitiska REIM has been active in the Portuguese market since 2017 and its local team based in Lisbon has to date acquired or developed eight retail park and mixed-use assets in Portugal, that currently manage more than 1.61m sq ft (150,000 sq m) of gross leasable area spread throughout the country. Over the next 18 months it’s scheduled to open two further developments, one in the Algarve and to conclude a final phase of construction of Salinas Park in Alverca. Mitiska REIM has acquired this latest site on behalf of the MEREP 3 fund.
Commenting on the JV, Chancerygate managing director, Richard Bains, said: “We 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.
“Over the course of almost 30 years in the UK, Chancerygate has earnt a reputation for the consistent delivery of a product which is highly attractive to institutional investors and a wide range of occupiers.
“We are excited by the opportunity to do the same in Portugal in a strategic joint venture partnership with Mitiska REIM.
“This news follows soon after we have opened our Madrid office. We are gathering momentum across Iberia and with our stated intention to expand across Europe.”
Chancerygate European director, Jason Sharman, added: “Our recently purchased brownfield site in Sintra is an ideal location for our JV with Mitiska REIM to make its debut within Portugal.
“It has excellent transport connectivity and, subject to planning being granted, will showcase our high quality, high specification, sustainable product to prospective occupiers and investors.”
Enzo Guidez, Mitiska REIM’s investment manager in Portugal, commented: “The Portuguese market is currently underserved with modern and sustainable multi-let light industrial and last-mile urban logistics space. The 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.”
Jan Du Bois, Mitiska REIM’s managing director for Belgium, Spain and Portugal, added: “This JV brings together Mitiska REIM’s on-the-ground presence, strong local network and expertise in sourcing off-market deals with Chancerygate’s significant experience and track record in the industrial and urban logistics sector. We look forward to working in partnership with the Chancerygate team to grow our portfolio in Portugal.”
Founded in 1995, Chancerygate currently has around 1.16m sq ft (107,000 sq m) of urban logistics space under construction or ready for development across ten sites in the UK ranging from Edinburgh to Croydon.
The company also manages in excess of £310m (~€363m) of assets across more than 2.5m sq ft (230,000 sq m) of commercial space in over 340 units.
Chancerygate currently has offices in London, Warrington, Birmingham, Bristol, Dublin, Lisbon and Madrid, with additional offices expected to be opened this year.
For more information on Chancerygate visit www.chancerygate.com, for Mitiska REIM www.mitiska-reim.com
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