Barings Real Estate Advisers has acquired a 10,900sqm retail warehouse and petrol station in Spain for €17.6m from López-Real.

The real estate investment manager said the retail warehouse, situated in Majadahonda, is pre-let to Conforama on a 10-year lease.

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

The acquisition follows a number of investments made by Barings in Spain this year, which have included the purchase of a 56,000sqm unit in Madrid in April for €35m, a prime high street retail unit of over 1,600sqm in July for €21.6m and most recently a 29,000sqm retail warehouse in Zaragoza for €17.6m.

Adolfo Favieres, country head of Spain at Barings Real Estate Advisers, said: “This high quality development in a strategic location presents a compelling investment opportunity.

“The supply and demand dynamics remain attractive, supported by the improving economy, with a particular need for good quality stock that fits modern retailer requirements.”

Gunther Deutsch, managing director and head of investment transactions for Europe at Barings Real Estate Advisers, said: “This transaction demonstrates that our appetite for investments in this region of Spain remains strong.

“We remain committed to investments in the retail, logistics and office sectors on a risk spectrum from core to value add, in Spain and across Europe more widely.”