Barings Becomes Sole Owner of Avalon Business Park
Jan 22, 2019
LONDON, (22 January, 2019) – Barings Real Estate, part of Barings LLC, one of the world’s largest diversified real estate investment managers, announces the acquisition of four office buildings at Avalon Business Park in Madrid, Spain on behalf of an institutional investor. This follows a previous acquisition of five office buildings within the Business Park, making Barings the sole owner of the site. The investment is part of Barings’ pan-European core plus investment strategy.
The newly acquired offices offer 20,749sqm of good quality, class-A office space with modern and flexible buildings, as well as 422sqm of retail space and 351 underground parking spaces. The full business park, which is formed of nine office buildings, totals 46,952sqm.
Avalon Business Park is located in Julian Camarillo, a 952,000sqm consolidated office sub-market within the city of Madrid. Formerly an industrial area, it has become a sought after office destination for technological companies. The area benefits from close proximity to both Madrid’s city centre and the airport and good public transport links make it easily accessible.
Savills Aguirre Newman has been retained as letting agent for the entire business park, and the property will be managed by Cushman and Wakefield. The buildings were acquired in an off-market transaction. Barings was advised by Arcadis, Dentons and Knight Frank and Münchener Hypothekenbank eG has provided financing for the deal.
Adolfo Favieres, Managing Director, Country Head Real Estate for Spain, Barings, said:
“Now that we are sole owners of Avalon Park we have an ambitious plan to position the property as the market reference for this asset class in Spain, through selective capital expenditure and providing services to occupiers. Simultaneously, we continue to expand our portfolio strategy of investing in Core+ to Opportunistic investments across target locations in Europe.”
Barings Alternative Investments (BAI), part of Barings LLC, is a 470+ associate team located across 11 countries that manages $48.5 billion* in client capital. BAI seeks differentiated sources of returns by incorporating decades of investment experience in alternative assets offering investors access to a diverse range of opportunities across private equity, real assets, asset-based investments and the four quadrants of real estate. We serve as a trusted partner to clients, leveraging our global presence and robust origination capabilities to identify the most attractive risk-adjusted return opportunities. As a leading global real estate investor and asset manager, the Barings Real Estate team offers a broad range of investment opportunities across the public and private debt and equity markets, investing across property sectors with a focus on global relative value and trend-backed preferred strategies.
Barings is a $310+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, Barings maintains a strong global presence with over 1,900 professionals and offices in 16 countries.
*As of September 30, 2018.
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