Chancerygate and real estate investor Mitiska REIM have created a strategic joint venture to develop multi-let light industrial parks in Portugal.
The joint venture’s first acquisition is a 6.67-acre brownfield site located in Sintra, 20 minutes’ north west of Lisbon. Chancerygate and Mitiska REIM intend to submit plans for a high specification and sustainable multi-let light industrial and urban logistics development on the site in the near future.
The joint venture’s initial objective is to acquire five sites on which it will deliver multi-let developments in the Lisbon and Porto districts.
Richard Bains, managing director of Chancerygate, 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 earned 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.”
Jason Sharman, European director at Chancerygate, 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, said: “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.”
