Global real estate investment manager Barings has acquired an 85,000 m2 plot of land in the southern part of Madrid, Spain, on behalf of an institutional investor.
Financial details were not disclosed.
Barings said it would partner with a developer to build two independent warehouse buildings totalling 49,500 m2 of lettable space. The two built properties will comprise 17,500 m2 and 32,000 m2 and can be leased/operated independently. Both properties will be completed by third quarter of 2020.
'This is an excellent opportunity to develop a grade A, logistics warehouse in a strongly demanded logistics area, in conjunction with a well-known logistics developer in Spain,' said Adolfo Favieres, managing director, country head real estate for Spain, Barings.
'The area is characterised by big block space searches, which both buildings will suit perfectly. This is the third logistics transaction in Spain after acquiring two logistics asset in Zaragoza and Ontígola for a core investment strategy,' Favieres added.
He noted that further new schemes were on the cards. 'We look forward to partnering with developers on other product types, such as residential or office,' Favieres said.
The asset is located in Ontígola, a logistics area in the southern A-4 corridor of the city, which connects Madrid to the south of Spain and the southern seaports.
