Barings invests in French logistics property
Barings has agreed the speculative forward funding of a 50,409-square-meter (542,598-square-foot) class A logistics property in Beziers, France.
The parties agreed not to disclose the purchase price. The asset will offer 48,575 square meters (522,857 square feet) of warehouse space, 1,834 square meters (19,741 square feet) of office space, as well as more than 295 car parking spaces. It is due for completion in fourth quarter 2022 and will be located along the A9 motorway in the south of France, one of the prime logistics corridors in the country that connects France from east to west and toward Spain. It will comprise five storage cells with docks on one side. It is targeting a BREEAM Very Good certification.
“This off-market transaction in the supply-constrained southeast of France was an attractive opportunity to extend our French logistics asset base — which currently comprises 200,000 square meters [2.15 million square feet] of space across seven assets,”