JLL has successfully advised Barings, one of the world’s largest diversified real estate investment managers, on securing a financing from BGO of €69.7 million for Project Albufera, a first-class speculative logistics development in Valencia, Spain. The 123,000 sqm Grade A logistics project will be developed in three phases on a 181,000 sqm plot in Moncada, Valencia. Upon completion, the development will comprise approximately 118,091 sqm of warehouse space and 5,203 sqm of offices distributed across eleven units.

Strategically located adjacent to the AP-7 motorway, the development offers excellent connectivity to Valencia city centre, the Port of Valencia, the Port of Sagunto, and major European transport routes.

Edward Daubeney, Co-Head of Debt and Structured Finance at JLL for EMEA, commented: "This financing demonstrates the continued interest in the Spanish logistics sector, with future proposals focused on high-quality sustainable developments that meet the demands of occupiers."

Amadeo Giménez, Director of Debt and Structured Finance at JLL for EMEA, added: "We are proud to have supported Barings in obtaining this bespoke financing, which exemplifies the liquidity available for high-quality assets in the logistics sector and in new locations, despite ongoing adverse macroeconomic and climate headwinds."

The development aims to achieve BREEAM 'Outstanding' certification and is expected to be delivered in different phases and accommodate different tenants, from 5,000 sqm to 40,000 sqm demand. Grupo Bertolín, a Valencian construction company with extensive experience in large infrastructure and real estate projects, will manage the development.

Barings Real Estate (BRE) is a part of Barings and offers a broad range of global investment opportunities across the private debt and equity investment markets. BRE invests in all major property sectors and offers an expansive range of financing solutions to real estate borrowers. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.

Barings is a $442+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions. Learn more at www.Barings.com.