A company formed jointly by Mitiska REIM, a leading specialist investor in European convenience real estate, and Chancerygate, the UK’s largest urban logistics property developer and asset manager, has appointed its first development director for Portugal.
Chancerygate Mitiska, which is a multi-let light industrial park developer and asset manager with an office in Lisbon on the Avenida da Liberdade, has hired Sebastião Madeira from Cushman & Wakefield.
Prior to joining Chancerygate Mitiska, he was a senior consultant in the real estate consultancy’s Lisbon office where he led a team in the capital markets division advising on developments and appraisals. Previously, Sebastião was a real estate project manager at Teixeira Duarte Real Estate, a leading Portuguese real estate development and management company.
In his new role, Sebastião is responsible for driving Chancerygate Mitiska’s activities to develop multi-let light industrial parks in Portugal and growing assets under management.
Commenting on his new role, Sebastião Madeira said: “There’s significant market potential in Portugal for Chancerygate Mitiska to deliver its Grade A, sustainable multi-let light industrial and logistics product. This is an exciting opportunity to join the company at the start of its growth journey and deliver the overall objective of Chancerygate Mitiska becoming Portugal’s leading light industrial developer.”
In June, Chancerygate Mitiska completed its first acquisition which was a 2.7-hectare brownfield site located 20 minutes’ drive northwest of Lisbon within the municipality of Sintra. The company’s initial objective is to acquire five sites to deliver multi-let developments in the Lisbon, Porto and Algarve areas.
Chancerygate European director, Jason Sharman, said: “Sebastião has a strong professional background within the Portuguese commercial real estate market with extensive experience advising on developments. This makes him the ideal person to drive Chancerygate Mitiska’s presence in the country. In quick succession, we’ve acquired our first site and appointed new talent to drive our activities in the region. This is testament to our commitment to our European expansion plans. As our activities accelerate, we will be open to working with wider investor partners to further capitalise on the strong market opportunities throughout Portugal.”
Founded in 1995, Chancerygate currently has around 107,000 sqm 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 €363m of assets across more than 230,000 sqm of commercial space in over 340 units.
On the other hand, Mitiska REIM has been active in the Portuguese market since 2017. 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 166,000 sqm of gross leasable area spread throughout the country. Over the next 18 months the real estate investor is 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 in Sintra on behalf of the MEREP 3 fund.