Maslow Capital commits €126m to industrial redevelopment in Barcelona

Maslow Capital has committed €126 million to Dunas Capital Real Estate through a tailored financing package comprising two facilities, enabling the acquisition of a portfolio of land plots on a former industrial site in Castellbisbal, in the Barcelona metropolitan area. 

Dunas, Industrial asset

The financing will also fund the development of two independent pre‑let industrial schemes on the site.

The 125,000 sq m plot previously housed a cartonboard manufacturing plant operated by RDM Group until production ceased in 2025. Maslow’s financing will support the site’s reindustrialisation, regenerating a brownfield location rather than developing on greenfield land, and preparing it for new industrial activity in one of Catalonia’s most important manufacturing and logistics hubs. Development is expected to begin in early 2027.

Castellbisbal sits within Barcelona’s first logistics ring, with direct access to the AP‑7 and AP‑2 motorways. The area forms part of the Vallès Occidental corridor, linking Barcelona with inland Catalonia and the rest of Spain. With modern cross‑dock and cold‑storage facilities in short supply locally, the two new schemes will help meet strong occupier demand.

The financing structure was designed specifically for the project, combining a coordinated land‑acquisition facility with two separate development facilities, each aligned to the construction programme, technical specification and lease profile of its respective building. Bringing a land purchase, brownfield repositioning and two distinct developments together required a complex, bespoke structure involving close collaboration between lender, developer and advisers.

The transaction builds on Maslow Capital’s existing relationship with Dunas Capital Real Estate, following the €40 million facility provided earlier this year for Alma Meco, one of Spain’s largest logistics megaprojects. Dunas Debt acted as debt adviser to Dunas Capital Real Estate, while Barrilero advised on the financing.

“Castellbisbal is one of the most supply‑constrained industrial locations in Spain, and both buildings respond to clear occupier demand for last‑mile distribution close to Barcelona and for modern temperature‑controlled space,” said Emilio Silvestre, managing director, head of origination (Spain) at Maslow Capital. “Long‑term pre‑lets and an experienced developer make this the kind of well‑located, income‑backed development we want to support. We are pleased to be working with Dunas Capital Real Estate again.”

Miguel López Puche, CEO of Dunas Capital real estate, added: “Securing long‑term pre‑lets for two purpose‑built facilities close to Barcelona is a strong result for this project. Maslow’s ability to structure funding around each building gives us confidence to move forward on both schemes.”

José María Sagardoy, CEO of Dunas Debt, said: “This is the most important strategic transaction we have advised on this year, both in complexity and size. We structured a bespoke financing solution around the specific requirements of the land, the project and Dunas Capital Real Estate.”