Investment manager Barings has provided a $244m (€223m) loan to refinance a portfolio of 10 warehouse and distribution facilities in Midwestern US owned by an Ares-managed real estate fund and NorthPoint Development.
The 6.4m sqft portfolio in Logistics Park Kansas City, Edgerton, Kansas, was developed between 2014 and 2017. The portfolio of 10 properties is currently 93% leased.
Steve Murray, managing director at Barings, said: “We are excited to continue our partnership with Ares and NorthPoint Development for the refinancing of these class-A facilities in a strong industrial market.
“This opportunity is closely aligned with Barings’ real estate debt strategy, focused on investing in high-quality real estate in dynamic markets, backed by experienced sponsorship.”
Daniel Hedgepeth, director at Barings, said: “These assets are uniquely positioned to benefit from Kansas City’s healthy market fundamentals with the strategic location in NorthPoint’s world-class inland port.”
The transaction expands Barings’ $28.4bn-plus real estate debt platform which focuses on providing loans secured by “institutional-quality” commercial properties.
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