JLL arranges $150M financing for an IOS partnership between Brennan Investment Group & Barings

• JLL arranged a $150 million acquisition credit facility to support aggregation of an industrial outdoor storage portfolio, beginning with a five-property portfolio across Denver, Houston and Austin.

• The facility provides flexible financing to support future acquisitions and portfolio growth.

• The portfolio's low-coverage industrial properties provide scarce outdoor storage functionality in major logistics and high-growth employment markets in the Mountain West, Texas and Midwest.

CHICAGO, Sept. 29, 2026 – JLL Capital Markets announced today that it has arranged a $150 million credit facility for a joint venture between Brennan Investment Group and Barings to finance the aggregation of industrial outdoor storage (IOS) assets across the Mountain West, Texas and Midwest markets, seeded by a five-property portfolio in the Denver, Houston and Austin markets.

The financing supports Brennan Investment Group and Barings' partnership to build a scalable industrial outdoor storage platform across targeted growth markets. The facility includes the ability to add qualifying industrial outdoor storage assets during the initial term while also supporting future tenant improvements, leasing costs and capital expenditures. The business plan focuses on acquiring well-located industrial outdoor storage properties and executing value-add initiatives that enhance functionality and attract a broad range of occupiers.

The JLL Capital Markets team was led by Managing Director Lucas Borges and Senior Managing Director Matthew Schoenfeldt, along with Director Sam Tarter and Senior Analysts Emma Berner and Ryan Planek.

"The credit facility's expandable structure and flexible covenants were specifically designed to support the sponsor's value-add business plan across multiple high-growth markets," Borges said. "The lending partner understood the unique characteristics of industrial outdoor storage assets and structured financing that accommodates the lease-up and repositioning strategy while providing capacity for continued portfolio growth."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired or developed $8 billion in industrial real estate in 30 states. The company's current portfolio spans 30 states and encompasses approximately 58 million square feet.

Brennan Investment Group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The company has 18 regional offices throughout the United States, and the firm's management team is among the most accomplished in its industry, having invested in over 5,000 properties covering more than 60 cities throughout the United States, Canada, and Europe.

For more information on Brennan Investment Group, go to brennanllc.com.

Barings is a $502 billion* global alternative asset manager that partners with institutional, insurance and wealth clients and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual with a minority investment from MS&AD, seeks to deliver excess returns by leveraging its global scale and capabilities across credit, real assets, capital solutions and emerging markets.

*As of June 30, 2026