Maslow Capital committed €126m to Dunas Capital Real Estate through a tailored financing package comprising two facilities. The package enabled the acquisition of a portfolio of land plots on a former industrial site in Castellbisbal, in the Barcelona metropolitan area, and will go on to fund the development of two independent pre-let industrial developments on the site.
The site, a plot of approximately 125,000 sqm of industrial land, previously housed a cartonboard manufacturing plant operated by RDM Group until production ceased in 2025. The financing will now support the site’s reindustrialisation. Rather than building on greenfield land, the project regenerates a brownfield plot and prepares it for new industrial activity in one of Catalonia’s key manufacturing and logistics hubs. Development is expected to begin in early 2027.
Castellbisbal is located in Barcelona’s first logistics ring, with direct access to the AP-7 and AP-2 motorways. It forms part of the Vallès Occidental corridor, linking the city with inland Catalonia and the rest of Spain. With modern cross-dock and cold storage space in short supply locally, the two schemes will help meet that demand.
The transaction was tailored to the specific needs of the project, the land and the developer. A single, coordinated structure finances the purchase of the land as a whole, while two separate facilities fund each building independently, with terms aligned to the construction programme, technical specification and lease profile of each scheme. Combining a land acquisition, the repositioning of a former industrial site and two distinct developments in a single financing package required a complex structure, with lender, developer and advisers working closely together throughout.
The transaction builds on Maslow Capital’s existing relationship with developer Dunas Capital Real Estate, following the €40m facility it provided earlier this year for Alma Meco, a landmark logistics megaproject in the Community of Madrid.
Emilio Silvestre, Managing Director, Head of Origination (Spain) at Maslow Capital, said:
“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. 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, and we continue to look for logistics and industrial opportunities across Spain and our other European markets.”
Miguel López Puche, Chief Executive Officer at Dunas Capital Real Estate, said:
“Securing long-term pre-lets for two purpose-built facilities close to Barcelona is a strong result for this project. Having Maslow Capital alongside us again gives us a financing partner that understands both the sector and our approach to development. Their ability to structure the funding around each building means we can move forward on both schemes with confidence.”
José María Sagardoy, Chief Executive Officer at Dunas Debt, said:
“This is the most important strategic transaction we have advised on this year, in terms of both its complexity and its size. Rather than fitting the project to a standard product, we structured a bespoke financing around the specific requirements of the project, the land and Dunas Capital Real Estate, bringing the land acquisition and two independent developments together in a single solution.”