Investment manager Barings has sold a logistics investment near Madrid on behalf of its value add real estate fund, BREEVA I. The property fetched €40.6 million. The purchaser has not been named.
Ontígola Logistics, comprises two warehouse assets totalling 49,000 sq m. Barings acquired the development site in May 2019, entered a development agreement with developer Logistik Services and days after completion signed a nine-year lease with pet food store company Iskaypet for all of the space.
The asset is located in Ontígola, a prime area for national logistics near Madrid, connecting the city to Spain’s southern seaports. The A-4 corridor, where Ontígola is situated is favoured for its ability to serve the whole Iberian Peninsula.
“This is the fifth sale we have made on behalf of BREEVA I, as we realise our investments following the close of the fund and the gradual completion of our business plans,” said Barings head of value-add investing Europe Valeria Falcone.
“The sale adds to the fund’s strong performance to-date, which continues to outperform industry benchmarks. We remain very active in the investment market, with the strong returns generated by this project endorsing our conviction in European logistics, which continues to play an important part of our broader strategy.”