Barings, one of the world’s largest diversified real estate investment managers, announces the off-market acquisition of a quality logistics asset totalling ca. 48,000 sq m in Madrid, Spain, for €42.8 million on behalf of institutional investors. The acquisition has been structured through a sale and lease-back agreement.
The tenant, one of the largest Iberian logistics group, which has occupied the asset for over 17 years, will enter into a new 20 year FRI lease. In addition, Barings has also acquired a plot of land adjacent to one of the existing units, which is already zoned for logistics and could accommodate up to c. 10,500 sq m of additional warehouse space to facilitate the tenant’s future growth.
Through this strategic partnership with Barings, the tenant will free up resources from its real estate division to invest in its fast-growing transport and logistic business that requires significant capex in order to maintain its competitive advantage in the market.
Situated 30 kilometers from the city center, the portfolio, which also offers ca. 400 parking spaces, is strategically located within a very short distance of the M50 ring road and R2 toll highway. The asset is in a strong location for logistics not only due to its proximity to the most affluent areas of Madrid, but also for its easy connection to Madrid’s airport and the rest of Spain.
Source : Company