Chancerygate & Mitiska REIM JV gets Portugal approval

A joint venture between developers Chancerygate and Mitiska REIM has received "architectural approval" for its inaugural project in Portugal.

Campo Raso Business Park

The 14,700 m2 multi-let light industrial and urban logistics park will be located on a 2.7-hectare site, located in Sintra near Lisbon, known as Campo Raso Business Park.
This approval from the local municipal council signifies a crucial step before the full building permit is issued. The development will feature 15 leasehold units, ranging from 600 m2 to 2,200 m2, and is projected to have a gross development value of €25 mln. 
Construction is expected to begin in the first half of next year, with completion anticipated in the first half of 2027.
Campo Raso Business Park boasts excellent connectivity, situated just 20 minutes northwest of Lisbon with convenient access to major roads and motorways. 
The project is designed with sustainability in mind, aiming for BREEAM Excellent certification and an EPC A+ rating. It will include EV charging points, solar panels for affordable green energy, and utilise high-performance building materials to reduce CO2 emissions.
Chancerygate Mitiska development director for Portugal, Sebastião Madeira, said: “We believe Campo Raso Business Park will be the first multi-let light industrial and urban logistics development built in Portugal that specifically meets the requirements of both occupiers and institutional investors. It will provide best-in-class sustainable accommodation in a strategic location. Our JV is actively pursuing further development opportunities in Lisbon and Porto to achieve our ambitious expansion plans.”
Mitiska REIM has been a significant player in the Portuguese market since 2017, with its Lisbon-based team having acquired or developed eight retail parks and mixed-use properties. Currently, Mitiska REIM manages over 150,000 m2 of gross leasable area across Portugal.
Meanwhile, Chancerygate is actively developing over 60,000 m2 of Grade A multi-let urban logistics facilities across four European sites, including this new Portuguese venture, two in Spain, and one in Ireland. The total gross development value for these European projects is €120 mln.