Barings has closed a €69.7 million financing with BGO to develop the Albufera Project, a new logistics complex located in Moncada, Valencia. The transaction has been advised by the real estate consultancy JLL, which has accompanied Barings in the structuring of the loan.
The development will occupy a total area of 123,000 sqm and will be built in three phases on a plot of 181,000 sqm. Once completed, the project will have approximately 118,091 sqm for logistics use and 5,203 sqm of office space in eleven units.
Located next to the AP-7 motorway, the logistics complex will benefit from a direct connection to the centre of Valencia, the ports of Valencia and Sagunto, as well as the main European transport routes. The project design envisages the possibility of accommodating multiple tenants, with modules ranging from 5,000 to 40,000 sqm.
The development aims to obtain BREEAM 'Outstanding' certification and will be managed by Grupo Bertolín, a Valencia-based construction company with experience in large infrastructure and real estate developments.
Edward Daubeney, co-head of Debt and Structured Finance for EMEA at JLL, said: "This financing demonstrates the continued interest in the Spanish logistics sector. Future projects will focus on high quality, sustainable developments that meet the demands of occupiers".
Amadeo Giménez, Head of Debt and Structured Finance EMEA at JLL, added: "We are proud to have supported Barings in securing this bespoke financing. This transaction is proof that liquidity is available for high quality logistics assets in new locations, despite the current macroeconomic and climatic challenges".
