Barings is investing €100m on behalf of a separate account client to acquire a logistics park in Spain.
The manager said it was acquiring the 123,000sqm logistics park in Moncada, Valencia in a forward-purchase agreement with Grupo Bertolín.
The project, on 181,500sqm of land, is to be developed in three phases, starting in the first half of 2025.
Barings, in a separate deal, has sold a 55,600sqm logistics asset in Ontígola, Spain, to Fidelity International on behalf of a European core real estate strategy.
José Carlos Torres, managing director and country head in Iberia, at Barings Real Estate, said: “The demand for high-quality, modern, energy-efficient new logistic facilities in Spain, and in Valencia specifically, remains robust.
“The ongoing expansion of the port of Valencia, coupled with strategic investments in the area from the likes of Edwards and Volkswagen, confirms the strong fundamentals of this location for the best industrial and logistics operators.”
Gunther Deutsch, the head of transactions in Europe and Germany country head at Barings Real Estate, said: “We have not seen compelling logistics opportunities in Spain for some time, with the exception of this transaction, which fulfils many of the criteria we are looking for.
“Beyond logistics, we continue to deploy capital across the living sector – including build-to-rent, build-to-suit, and purpose-built student accommodation – in our core European markets, including Spain, the UK, France, the Netherlands, Italy, Germany, and the Nordics.”
María Bertolín, chair of Grupo Bertolín, said: “This agreement with Barings is a significant step forward for Grupo Bertolín, enhancing its capabilities to satisfy the growing logistics demand in Valencia.
“We hope this agreement with Barings will be a success and will allow us to continue leading the development of new logistics parks based on quality, sustainability and innovation.”
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