The same group should continue occupying the asset for a further 20 years, according to magazine Europe Real Estate. The unit has 48.000 sqm, which can be expanded since Barings – on behalf of international investors – bought a terrain next to the asset to build an additional unit with 10.500 sqm.
For Adolfo Favieres, Managing Director and Real Estate Country Head Spain at Barings, «Favourable demographic drivers and rising e-commerce penetration continue to underpin the growth of the logistics market in Spain, a trend we expect to continue over the medium to long term. This portfolio is perfectly aligned with our core investment strategy, offering long and sustainable income from a good covenant, with a tenant that has heavily invested in these assets which are key to their operations in Spain».
Gunther Deutsch, Managing Director and Head of Real Estate Transactions – Europe for Barings, added: «After acquiring a speculative logistics development in Ontigola in 2019, this represents our fourth acquisition in Spanish logistics, of which three have been for our core strategy. We are very experienced in structuring sale and leaseback transactions with owner-occupiers which we have demonstrated already in Germany, Italy and now Spain. We continue to have a lot of appetite for single logistic asset transactions, as well as pan-European portfolios, in our focused markets of Finland, Sweden, Netherlands, UK, Germany, Italy, France and Spain across the risk spectrum from core to opportunistic».