Barings has sold Ontígola Logistics, comprising two warehouse assets near Madrid, for €40.6 million ($49.58 million) on behalf of its value-add real estate fund, BREEVA I. The name of the seller was not disclosed.
Barings acquired the land for the development in May 2019 and subsequently entered into a development agreement with developer Logistik Services for the construction of the project, which totals 49,000 square meters (530,000 square feet) split across two units. Just days after the completion of construction, a nine-year lease was signed with Iskaypet, a market leader in pet food stores in Spain, for the entire space.
The asset is located in Ontígola, a prime area for national logistics near Madrid, connecting the city to Spain’s southern seaports. The A-4 corridor, where Ontígola is situated is favored for its ability to serve the whole Iberian Peninsula.
“This is the fifth sale we have made on behalf of BREEVA I, as we realize our investme
