Barings completes sale of logistics asset in France

Barings has completed the sale of an asset in Béziers, France, to grocery retailer Lidl on behalf of its pan-European logistics joint venture (PELV). It is the first disposal in France on behalf of PELV since its inception in 2019.

Barings acquired the asset on a forward funding arrangement in autumn 2021 to deliver a 50,409-square-meter (542,598-square-foot) class A logistics scheme in Béziers. The development is easily accessible from the A9 motorway, crossing France from east to west towards Spain and serving as one of the country’s main logistics corridors, as well as the A75 that connects the scheme to the north towards Clermont-Ferrand and Paris. Lidl France will take over the forward-funding arrangement and carry out significant additional fit-out to match its needs as owner-occupier, work being done by Pitch (Altarea Logistique).

PELV is a joint venture between a U.S. insurance firm and a Middle Eastern sovereign wealth fund, deploying its capital into dive