Barcelona, Spain: Maslow Capital, the pan-European specialist real estate lender, has committed €126m to Dunas Capital Real Estate through a tailored financing package comprising two facilities. The transaction has enabled the acquisition of a 125,000m² portfolio of land plots in Castellbisbal, in the Barcelona metropolitan area, on the site of a former cartonboard manufacturing plant previously operated by RDM Group until production ceased in 2025. The financing will go on to fund the development of two independent pre-let industrial schemes on the regenerated brownfield site, with construction 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, forming part of the Valles Occidental corridor linking the city with inland Catalonia and the rest of Spain. The two schemes have been designed to address a specific and measurable supply gap: modern cross-dock and cold storage space is in demonstrably short supply at this location, and both buildings have been pre-let on long-term leases ahead of construction, providing income certainty from day one. For investors and developers tracking the Spanish logistics market, the context is compelling. Barcelona's first logistics ring commands some of the tightest vacancy rates in Iberian industrial real estate, and the combination of brownfield regeneration, pre-let income and motorway-direct positioning makes Castellbisbal one of the most institutionally attractive development locations in Spain right now.
"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," said Emilio Silvestre, Managing Director, Head of Origination (Spain) at Maslow Capital.
"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," said Miguel Lopez Puche, Chief Executive Officer at Dunas Capital Real Estate.
The financing structure is itself noteworthy. A single coordinated facility finances the land acquisition 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. That bespoke architecture, combining land acquisition, brownfield repositioning, and two distinct development facilities in a single package, reflects specialist lenders' growing willingness to engineer complex, project-specific structures rather than apply standard products to non-standard situations. Jose Maria Sagardoy, Chief Executive Officer at Dunas Debt, which acted as debt adviser to Dunas Capital Real Estate, 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."
The transaction deepens an existing relationship between Maslow Capital and Dunas Capital Real Estate, following the €40m facility Maslow provided earlier in 2026 for Alma Meco, a logistics megaproject in the Community of Madrid. Maslow Capital has financed real estate projects with a combined value of approximately €14bn across around 730 transactions, and is part of Arrow Global, a leading vertically integrated alternative asset manager specialising in private credit and real estate. Dunas Capital Real Estate currently manages more than 450,000m² of net industrial land in Spain and a logistics portfolio comprising five assets with a combined surface area of over 20,900m². Legal advice on the financing was provided by Barrilero to Dunas Capital.
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People
- Emilio Silvestre, Managing Director, Head of Origination (Spain), Maslow Capital
- Miguel Lopez Puche, Chief Executive Officer, Dunas Capital Real Estate
- Jose Maria Sagardoy, Chief Executive Officer, Dunas Debt
Companies
- Maslow Capital, pan-European specialist real estate lender; 17-year track record; offices in the UK, Ireland, Spain, Portugal, Italy, France, Germany and the Netherlands; approximately €14bn in financed real estate across around 730 transactions; part of Arrow Global
- Arrow Global, leading vertically integrated alternative asset manager specialising in private credit and real estate; parent company of Maslow Capital
- Dunas Capital Real Estate, real estate asset management platform of Dunas Capital Group; focuses on logistics and industrial sectors in Iberian markets; manages more than 450,000m² of net industrial land in Spain
- Dunas Debt, debt advisory arm of Dunas Capital Group; acted as debt adviser to Dunas Capital Real Estate on the transaction
- Barrilero, Spanish law firm; provided legal advice to Dunas Capital Real Estate on the financing
- RDM Group, former operator of the cartonboard manufacturing plant at the Castellbisbal site; production ceased 2025
