Barings Real Estate Advisers has acquired a 10,900sqm retail warehouse and petrol station in Spain for 鈧�17.6m from L贸pez-Real.
The real estate investment manager said the retail warehouse, situated in Majadahonda, is pre-let to Conforama on a 10-year lease.
In March this year, Barings raised more than 鈧�500m for its pan-European core open-ended property fund.
The acquisition follows a number of investments made by Barings in Spain this year, which have included the purchase of a 56,000sqm unit in Madrid in April for 鈧�35m, a prime high street retail unit of over 1,600sqm in July for 鈧�21.6m and most recently a 29,000sqm retail warehouse in Zaragoza for 鈧�17.6m.
Adolfo Favieres, country head of Spain at Barings Real Estate Advisers, said: 鈥淭his high quality development in a strategic location presents a compelling investment opportunity.
鈥淭he supply and demand dynamics remain attractive, supported by the improving economy, with a particular need for good quality stock that fits modern retailer requirements.鈥�
Gunther Deutsch, managing director and head of investment transactions for Europe at Barings Real Estate Advisers, said: 鈥淭his transaction demonstrates that our appetite for investments in this region of Spain remains strong.
鈥淲e remain committed to investments in the retail, logistics and office sectors on a risk spectrum from core to value add, in Spain and across Europe more widely.鈥�
