Barings & Salas acquire Barcelona land for resi development

Global real estate investment manager Barings has partnered with Spanish developer Salas to acquire three key land plots in the Barcelona metropolitan area. 

Montcada

This marks a significant step for their joint venture, which aims to invest €150 mln in Spain's residential sector.
The acquisitions include two sites in Gavá and one in Terrassa's historic Industrial Freixá. These locations will be developed to deliver over 340 new homes, including dedicated affordable housing, along with retail spaces and a wide range of amenities.
The two Gavá plots, situated south of Barcelona, will feature 278 apartments, comprehensive amenities like a swimming pool and green spaces, plus over 2,300 m2 of retail. The site boasts excellent transport links, being 20 minutes from Barcelona's city center and 10 minutes from the beach, with a new train station planned nearby. The project is designed with sustainability in mind, targeting an EPC 'A' rating and BREEAM certification.
The Industrial Freixá site in Terrassa is an urban regeneration project that will revitalize the city centre. It will deliver 67 new homes, with 30% designated as affordable housing, while preserving the historic factory's unique architectural features and incorporating modern amenities like a rooftop pool.
These new acquisitions follow the joint venture's launch in July 2024, which also included a 41-unit residential project in Tiana, currently under construction. The partnership's goal is to meet the increasing demand for contemporary, energy-efficient housing in major Spanish cities like Barcelona and Madrid. Salas, with over 30 years of experience, will manage the development process.
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, added: “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.”
This acquisition marks Barings Real Estate's ninth investment in Europe's living sector for 2025, bringing their total residential property investment across various funds to approximately €550 mln.