Barings has sold Ontígola Logistics, comprised of two warehouse assets near Madrid, for €40.6m ($49.7m) on behalf of its value add real estate fund BREEVA I.
The asset manager acquired the land for the development in May 2019 and subsequently entered into an agreement with developer, Logistik Services, for the construction. After completion, a nine-year lease was signed with Iskaypet, a Spanish pet food store chain, for the space.