Barings Real Estate Advisers has acquired a logistics unit in Spain from Deka Immobilien for €17.6m.

The real estate investment manager said the 29,000sqm class A warehouse, in Zaragoza, is fully let to Eroski, a national supermarket chain, until 2021.

The acquisition follows Barings’ debut into the Spanish logistics market with the purchase of a 56,000sqm unit in Madrid in April for €35m.

Gunther Deutsch, managing director and head of Investment Transactions Europe at Barings Real Estate Advisers said: “This marks our second acquisition in the Spanish logistics sector this year, a sector with favourable market dynamics augmented by an undersupply of high quality space.

“As the penetration of online sales continues to grow, demand for well-located warehouse space looks set to continue.”

In March this year, Barings raised more than €500m for its pan-European core open-ended property fund.

Dentons acted as legal adviser for Barings and Arcadis as consultant for Barings. CBRE acted on behalf of Deka.