11 December 2017 – Eje Prime
Barings Real Estate is closing its ambitious expansion plan for Spain in 2017. Just weeks after it purchased a 29,000 m2 logistics centre in Zaragoza, the international manager has acquired two assets in Majadahonda (Madrid) for €17.6 million; the same amount it spent on the operation in the Aragonese capital.
The fund has acquired a warehouse and a gas station, which span a combined land area of 10,900 m2. The company has also announced that it will lease the centre to the multinational furniture retailer Conforama under a ten-year contract.
With this new acquisition, Barings has accumulated a portfolio of non-residential assets in Spain worth almost €100 million during 2017. In April, the manager purchased a logistics space in Madrid measuring 56,000 m2 for €35 million and in July it bought an asset measuring 1,600 m2 for €21.6 million. In addition to the two centres it acquired in the last month, the company has now spent €90 million in Spain.
Original story: Eje Prime
Translation: Carmel Drake