Asset management firm Barings has bought a prime retail warehouse in Madrid for unnamed institutional investors.
The off-market acquisition comprises over 10,000 sqm and is fully let to furniture and homeware retailer Conforama. The cost of the purchase has not been disclosed.
Adolfo Favieres, Barings’ head of real estate in Spain, said: “This transaction presents an opportunity to acquire a prime retail warehouse in a strong location with high footfall and growth potential over the coming years.”
It is the firm’s latest purchase in the Iberian country as it continues to increase its presence across asset classes in the region.
According to Favieres, Barings is predominantly focusing on the logistics and office sectors in Spain’s real assets market.
The warehouse, located in the northwest of the Spanish capital near a large regional shopping centre, marks the firm’s third acquisition in the country since the start of last year.
Last week Barings also bought a portfolio of ten supermarkets in Spain, all fully let to French multinational Carrefour.
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