Barings and Salas acquire Barcelona sites to deliver 345 homes

Barings, together with Spanish developer Salas, has completed purchases of three strategic development sites on the outskirts of Barcelona as part of a targeted push into Spain’s housing market. The joint venture intends to channel roughly €150 million into new-build residential schemes across the country, prioritising sustainable design and urban regeneration.

Two plots acquired in Gavá, south of the city, will form a single masterplan delivering 278 apartments, significant communal facilities including a swimming pool and landscaped open space, and more than 2,300 sqm of street-level retail. The location is positioned for strong commuter and leisure appeal — about 20 minutes from central Barcelona and a short ride to the coast — and will benefit from a planned rail stop adjacent to the site. The project aims for at least an EPC A energy rating and BREEAM certification.

The third plot is the historic Industrial Freixá parcel in Terrassa, a sensitive city-centre regeneration opportunity. The scheme is designed to retain the factory’s defining architectural features while inserting contemporary housing and shared amenities, such as a rooftop pool. The Terrassa project will deliver 67 homes, with 30% of units designated as affordable housing, reflecting municipal priorities for social mix.

These transactions build on a JV launched in July 2024 that included a 41‑unit development in Tiana, currently under construction. Together the moves underline an expansionary strategy by Barings Real Estate in Europe’s living sector: the company has executed nine living-focused buys so far in 2025 and now reports cumulative residential capital deployed at around c. €550m across its European equity strategies.

José Carlos Torres, Managing Director and Country Head Iberia at Barings Real Estate, said the partnership with an established local builder is central to delivering quality, energy-efficient homes in high-demand markets. He highlighted the structural supply shortfall in cities such as Barcelona and Madrid, where household formation and affordability pressures continue to outstrip completions.

Gunther Deutsch, Managing Director and Head of European Transactions at Barings Real Estate, framed the activity as part of a broader allocation to residential product types — from build-to-sell to build-to-rent and specialist student housing — and reiterated a 2025 target to invest more than €1bn+ into the residential sector globally, alongside ongoing commercial real estate commitments.