Financial details were not disclosed.

The recently developed retail warehouse is situated in Majadahonda, north west of Madrid, and is adjacent to Gran Plaza 2, a key regional shopping centre. The property comprises 10,300 m2 and is fully let to Conforama, one of European’s largest retailers of furniture and household goods. Parking is provided for 200 vehicles.

'This transaction presents an opportunity to acquire a prime retail warehouse in a strong location with high footfall and growth potential over the coming years,' said Adolfo Favieres, managing director, real estate country head Spain at Barings.

'These attributes mean this investment is perfectly aligned to our core strategy, as we continue to grow our presence in Spain across a variety of asset classes, focusing predominantly on logistics and offices,' Favieres added.

Gunther Deutsch, managing director and head of real estate transactions – Europe for Barings said: 'This acquisition was our third in Spain in 2019 after acquiring an office building with re-leasing potential in Madrid and a speculative logistics development in Ontigola which demonstrates our appetite to increase our exposure in this growing market.

'Our main focus in 2020 will be logistics, office and other sectors varying from core+ to a value add risk return profile.'