Maslow Capital Commits €126M to Dunas Capital Real Estate for Castellbisbal Industrial Developments
Maslow Capital, the pan-European specialist real estate lender, has committed €126 million to Dunas Capital Real Estate through a financing package comprising two facilities, the firm announced Oct. 26. The package funded the acquisition of a portfolio of land plots on a former industrial site in Castellbisbal, in the Barcelona metropolitan area, and will fund the development of two independent pre-let industrial buildings on the site. Dunas Debt acted as debt adviser to Dunas Capital Real Estate on the transaction.
Structure of the Dunas Debt-Advised Financing
The financing combines a land acquisition and two separate development programs in a single coordinated structure. One structure finances the purchase of the land as a whole, while two separate facilities fund each building independently. Terms for each facility are aligned to the construction program, technical specification and lease profile of the respective scheme, according to Maslow Capital.
The firm said that combining a land acquisition, the repositioning of a former industrial site and two distinct developments in one package required a complex structure, with the lender, developer and advisers working closely together throughout. Dunas Capital was advised by Barrilero on the financing.
Brownfield Site Near Barcelona
The site comprises approximately 125,000 square meters, or about 1.35 million square feet, of industrial land. It previously housed a cartonboard manufacturing plant operated by RDM Group until production ceased in 2025. The financing supports the site's reindustrialization: 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.
Demolition of the former factory was reportedly nearing completion in October 2026. Development is expected to begin in early 2027.
Castellbisbal sits 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. Modern cross-dock and cold storage space is in short supply locally, and the two schemes are intended to help meet that demand, according to the announcement.
Market Context: Tight Barcelona Logistics Supply
Barcelona's logistics market is operating with limited availability. Knight Frank reported approximately 11.2 million square meters of logistics stock in the Barcelona market in the first quarter of 2026, with vacancy at roughly 2.9% and prime rents at €9.15 per square meter per month, up 5% quarter over quarter.
CBRE's third-quarter figures showed Catalonia vacancy at 2.08%, while logistics take-up across Spain reached nearly 2.33 million square meters during the first nine months of 2026, up 15% year over year. Prime Catalonia rents reached €9.50 per square meter per month.
New supply is expected. Knight Frank anticipates more than 1.07 million square meters of logistics space will reach the Barcelona market in 2026 and 2027, with 47% concentrated in the first ring and 34% in the third ring. Prime logistics yields in Barcelona were approximately 4.85% in the first quarter of 2026, according to BNP Paribas Real Estate.
Maslow Capital and Dunas Capital Real Estate Relationship
The transaction builds on Maslow Capital's existing relationship with Dunas Capital Real Estate, following a €40 million facility the lender provided earlier this year for Alma Meco, a logistics megaproject in the Community of Madrid.
"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, 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."
Outlook
Both buildings are pre-let, and development is expected to begin in early 2027. Maslow Capital said it continues to look for logistics and industrial opportunities across Spain and its other European markets.
Sources
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