Key Takeaways
- Sector: Real Estate.
- Geography: United States.
Analysis
Denver (USA), August 11, 2025 — Barings, one of the world’s largest diversified real estate investment managers, has entered into a programmatic joint venture with Brennan Investment Group aimed at acquiring an initial $150 million in industrial outdoor storage (IOS) properties. The new partnership’s first purchase is a two-building, 4.75-acre asset in Denver, Colorado.
According to Raymond Tiernan, Director at Barings, the collaboration reflects a “high conviction strategy” in an asset class with growing institutional demand. “By leveraging Brennan’s deep sector expertise with Barings’ institutional investment platform, our aim is to generate enhanced returns for our clients,” Tiernan said.
The partnership is designed to expand well beyond the initial $150 million, using Brennan’s national acquisitions and property management teams to identify and operate IOS sites in major U.S. industrial markets. Target regions will be those with strong fundamentals such as e-commerce growth, active construction and infrastructure projects, and solid population gains, where the supply–demand balance supports IOS performance.
Michael Brennan, Co-Founder and Chairman of Brennan Investment Group, called the agreement a “significant milestone” in the firm’s expansion into IOS. “Barings brings a world-class investment platform, and we bring operational capabilities. Together, we can create a premier portfolio that meets the needs of today’s evolving economy and delivers long-term value for investors,” Brennan said.
The IOS segment has emerged as a growing niche within U.S. industrial real estate, attracting private and institutional capital for its land-driven value, lower capital expenditure needs, and proximity to key transport corridors. Similar large-scale plays have been made by Alterra Property Group, which surpassed $1 billion in IOS holdings in 2024, and Bridge Industrial, which has been acquiring sites in port markets such as Los Angeles, Houston, and Miami to serve logistics and last-mile distribution tenants.
Barings manages over $456 billion in assets as of June 30, 2025, partnering with institutional, insurance, and intermediary clients worldwide. The firm, a subsidiary of MassMutual, invests across public and private markets in fixed income, real assets, and capital solutions.
Brennan Investment Group, based in Chicago, is a private real estate investment company focused on acquiring, developing, and operating industrial properties in major U.S. metro areas. Since its founding in 2010, Brennan has closed or developed $6.5 billion in industrial assets across 30 states. Its current portfolio covers approximately 57 million square feet in 29 states. The company’s management team has invested in more than 5,000 properties spanning over 60 cities in the U.S., Canada, and Europe, co-investing alongside both private and institutional partners to deliver strong risk-adjusted returns.