Barings and Spanish real estate group Salas have acquired two build-to-sell assets in the greater Barcelona region in the first deals for a joint venture partnership formed with the potential to deploy more than €100 million ($108 million).
The joint venture will target further opportunities in Madrid and Barcelona in the build-to-rent (BTR) and build-to-sell (BTS) sectors, with an initial aspiration of investing more than €100 million with potential to develop more than 600 units. Barings will invest on behalf of a mandate with a U.S. investor.
Salas is a real estate group with deep experience in residential developments and more than 30 years’ experience and an extensive track record of more than 4,000 residential units developed for rent and for sale. Salas will manage the full development process through its dedicated in-house team of 270 professionals.
The joint venture commences with the acquisition of two build-to-sell (BTS) residential development
