Maslow Capital has committed €126 million to Dunas Capital Real Estate to finance the acquisition and development of two pre-let industrial properties in Castellbisbal, within the Barcelona metropolitan area. The financing package combines funding for the land acquisition with separate facilities for each development, supporting the regeneration of a former industrial site in one of Catalonia’s key manufacturing and logistics corridors.
The approximately 125,000 sqm site previously housed a cartonboard manufacturing plant operated by RDM Group, where production ceased in 2025. The project will repurpose the brownfield land for new industrial activity, with construction expected to start in early 2027.
Located within Barcelona’s first logistics ring, Castellbisbal benefits from direct access to the AP-7 and AP-2 motorways and a strategic position along the Vallès Occidental corridor, connecting Barcelona with inland Catalonia and the wider Spanish market. The two developments are intended to address demand for modern industrial space, including cross-dock distribution facilities and temperature-controlled storage, which remain in limited supply locally.
The financing structure reflects the different requirements of the acquisition and the two schemes. While a single facility covers the purchase of the land portfolio, separate loans will fund each building independently, with terms tailored to their respective construction programmes, technical specifications and lease profiles. Both developments have secured pre-lets, providing an income component ahead of completion.
Emilio Silvestre, Managing Director and Head of Origination for Spain at Maslow Capital, commented: “Castellbisbal is one of the most supply-constrained industrial locations in Spain, and both buildings respond to clear occupier demand for last-mile distribution close to Barcelona and for modern temperature-controlled space. Long-term pre-lets and an experienced developer make this the kind of well-located, income-backed development we want to support. We are pleased to be working with Dunas Capital Real Estate again, and we continue to look for logistics and industrial opportunities across Spain and our other European markets.”
The transaction extends an existing financing relationship between Maslow Capital and Dunas Capital Real Estate, following a €40 million facility provided earlier in 2026 for Alma Meco, a major logistics development in the Community of Madrid.
Miguel López Puche, Chief Executive Officer at Dunas Capital Real Estate, stated: “Securing long-term pre-lets for two purpose-built facilities close to Barcelona is a strong result for this project. Having Maslow Capital alongside us again gives us a financing partner that understands both the sector and our approach to development. Their ability to structure the funding around each building means we can move forward on both schemes with confidence.”
Dunas Debt acted as debt adviser to Dunas Capital Real Estate, while Dunas Capital was advised by Barrilero on the financing. José María Sagardoy, Chief Executive Officer at Dunas Debt, added: “This is the most important strategic transaction we have advised on this year, in terms of both its complexity and its size. Rather than fitting the project to a standard product, we structured a bespoke financing around the specific requirements of the project, the land and Dunas Capital Real Estate, bringing the land acquisition and two independent developments together in a single solution.”
