Belgian fund manager Mitiska REIM has once again stepped up its investment in Portugal by announcing a joint venture (JV) with Chancerygate, one of the UK's largest urban logistics developers and managers, for the development of multi-tenant light logistics parks in Portugal.
The initial aim of the joint venture is to acquire five locations in the districts of Lisbon and Porto to develop multi-tenant projects, the statement said.
The first destination will be the municipality of Sintra, where the joint venture has already completed the acquisition, on behalf of the MEREP3 fund, of a 2.7 hectare plot of land located next to the N9, N250-1, A37 and A19 access roads, benefiting from its proximity to Lisbon city center and airport. To be announced shortly, the project to be developed will focus on quality and sustainability, with the goal being for all the units to be built to be certified with at least an EPC A and BREAM "Very Good" rating, using high performance construction materials.
Active in Portugal since 2017, Mistiska REIM has a local team based in Lisbon. To date, it has acquired or developed a total of nine retail parks and mixed-use assets in our country, with two more planned for the next 18 months.
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.”
Chancerygate European Director, Jason Sharman, adds: “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 comments: “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, adds: “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.”
