Barings has acquired a 123,000 m2 GLA logistics park in Moncada, Valencia under a forward commitment structure to Grupo Bertolín, for circa €100 mln.
The investment manager said the deal was carried out on behalf of a separate account client.
The park will be located in Valencia’s first logistics ring, directly facing the AP7 motorway, providing easy access to the city of Valencia as well as the ports of Valencia and Sagunto.
Covering a land plot of 181,500 m2, the development will be adjacent to the new Edwards life sciences facility and will target BREEAM Outstanding certification.
The project is planned in three phases, starting in the first half of 2025. Spanish operator BeLog will assist Barings in the coordination of the leasing strategy, while CBRE, DLA and EY advised Barings throughout the acquisition.
Separately, Barings has completed the strategic disposal of a 55,600 m2 logistics asset in Ontígola, Spain, on behalf of a European core real estate strategy, to Fidelity International.
José Carlos Torres, managing director and country head, 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.
‘Working with experienced and reputable developers in the logistics sector is a key part of our investment strategy, and we are delighted to secure our first investment in Valencia. Additionally, the successful sale of our investment in Ontigola demonstrates our active portfolio management approach on behalf of our investors.’
Gunther Deutsch, head of transaction Europe and country head Germany 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 logistic demand in Valencia. We hope this agreement with Barings will be a success and will allow us to continue leading the development of new logistic parks based in quality, sustainability and innovation.’
