Barings has announced the purchase of a 210,000 square meter (m2) plot of land on the outskirts of Lisbon, in Santa Iria da Azoia (Loures), where it plans to develop one of the largest logistics parks in Portugal, according to a report by ECO.

Defining itself as one of the largest diversified real estate investment managers in the world, Barings said in a statement that the acquisition was made through its second European value-added real estate fund, Breeva II. The project will be promoted “in conjunction with one of the main logistics real estate developers in Europe as development manager”, adds the company.

“The plan will consist of around 85,000 m2 of world-class logistics space, and will have a flexible distribution and a high level of sustainability, including BREEAM Excellent and carbon reduction certificates”, the note reads. Barings states that the area of Santa Iria da Azoia (Loures) “lacks an A-rated logistics offer” and that the land in question is located in a region that is experiencing a growth in demand for logistics.

José Carlos Torres, general director and responsible for the area of real estate investments in the Iberian Peninsula at Barings, reveals that the company continues “to selectively take advantage of the opportunities offered by the current market environment”, and “this transaction reflects the attractiveness both in the Iberian Peninsula and in the real estate logistics sector”, where “positive conditions in terms of supply and demand” are observed.

“This project is particularly attractive, as it is located in an urban area of the city of Lisbon, being able to provide the market with a 'last mile' space, as well as a traditional logistics space with unparalleled access to the main distribution routes, in addition to excellent public and private transport connections”.