Barings and Salas acquire three plots of land in Barcelona

Barings in partnership with Spanish residential developer Salas has completed the acquisition of three strategic land plots in the metropolitan area of Barcelona, comprising of sites in Gavá and Terrassa’s historic Industrial Freixá. The acquisitions mark a significant milestone for the joint venture, which is aiming to deploy €150 million in Spain’s residential sector.

The Gavá transaction comprises two plots in an area south of Barcelona, where the future development will deliver 278 apartments, extensive amenities such as a swimming pool and landscaped green areas, as well as over 2,300 sqm of retail space. The site benefits from excellent connectivity just 20 minutes from Barcelona city centre and 10 minutes from the beach, with a new train station planned adjacent to the premises. The scheme is designed to achieve a minimum EPC ‘A’ rating and BREEAM certification, reflecting Barings’ commitment to sustainability and high-quality urban living.

The Industrial Freixá site in Terrassa is a flagship urban regeneration project that will revitalise the city centre. The development will carefully preserve the most recognisable features of the historic Industrial Freixá factory, blending its unique character with new facilities such as a rooftop pool and shared spaces. The scheme will deliver 67 new homes, 30% of which will be affordable housing.

These acquisitions follow the JV’s launch in July 2024, which included a residential project totalling 41 units in Tiana, currently under construction. The partnership aims to address the growing demand for modern, energy-efficient housing in Spain’s major metropolitan areas, particularly Barcelona and Madrid.
Salas, with over 30 years of experience and more than 5,000 homes delivered, will oversee the development process through its team of over 400 professionals.

The deal is the ninth living sector-focused acquisition across Barings Real Estate’s European equity strategies so far in 2025. It brings the total capital deployed by Barings into residential property investments on behalf of a range of funds and single-mandate accounts to c. €550m million.

José Carlos Torres, Managing Director and Country Head Iberia at Barings Real Estate, said: “Partnering with experienced and reputable developers like Salas is central to our strategy. These acquisitions reinforce our commitment to delivering high-quality residential developments that meet the evolving needs of Spanish households. With demand far outpacing supply in key regions like Barcelona and Madrid, we see significant opportunity for long-term value creation.”

Gunther Deutsch, Managing Director and Head of European Transactions at Barings Real Estate, said: “The residential sector remains one of Europe’s most attractive growth areas and one in which we have deep conviction across a range of sub-sectors, such as build-to-sell, build-to-rent, and purpose-built student accommodation depending on the market and particularly for new build assets. Similar to our partnership with Salas in Spain, we have established developer JVs across our jurisdictions for example in the Nordics, Italy and the UK, and are looking to further expand this approach. In 2025 we are aiming to invest €1bn+ into the residential sector alone, in addition to our commercial real estate investments.”