Barings Acquires Fully Let Grade A Logistics Asset with Development Opportunity in Toulouse, France
Jul 18, 2019
Barings, one of the world’s largest diversified real estate investment managers, announces the off-market acquisition of a new Grade A logistics asset in Muret, Greater Toulouse, from developer, Vectura, on behalf of institutional clients for a core investment strategy. Barings has also entered into a binding agreement to forward fund the development of a 23,000 square meter extension of the property.
The 40,000 square meter building is fully let to a large industrial company, which offers a strong covenant on a long-term lease. After winning the tender for construction, Vectura completed the asset to a high specification in 2016 as a build-to-suit project. The asset now serves as the occupier’s only international logistics hub. The building has a ‘Very Good’ High Quality Environmental (HQE) rating.
Located 20 kms south of Toulouse, France’s fourth largest city, the property prominently sits along the A64 highway on the Atlantic Corridor, which is one of the two main logistics routes in France. Furthermore, the Property is strategically located at the crossroads of Southern Europe between Spain, Southern France and Italy.
Séverine Maumy-Laffineur, Managing Director and Real Estate Country Head - France at Barings, said: “This acquisition is a strong addition to our French portfolio not only due to its quality and location, but also due to the prime covenant and long lease term. Having been built to the tenant’s unique requirements by a high quality developer, the asset is of strategic importance to the current occupier, which underpins the sustainability of income, whilst also offering an opportunity to add value through asset management over the short to medium term. We look forward to building on our new relationship with Vectura as we continue to build the platform in France.”
Barings was advised by Oudot &Associés (notary), LPA (legal and structuring), BNP Paribas Real Estate (commercial), OBNI (technical). Vectura was advised by SCP Pascual, Iwanesko, Bournazeau-Malavialle, Battut-Escarpit (notary) and Dentons (legal).
Barings Real Estate
Barings Real Estate offers a broad range of global investment opportunities across the public and private debt and equity real estate investment markets. We invest in all major property sectors and offer a broad range of financing solutions to real estate borrowers. We also specialize in providing government and government-sponsored entity lending products through our wholly owned subsidiary, Barings Multifamily Capital. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.
Barings is a $317+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.
*As of March 31, 2019
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