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Barings Finances Ares and NorthPoint’s Midwest Logistics Portfolio | News
Investment Manager Barriers provided a $244 million (€223 million) loan to refinance a portfolio of 10 warehouse and distribution facilities in the US Midwest owned by a real estate fund managed by Ares and NorthPoint Development.
The 6.4 million square foot portfolio at Logistics Park Kansas City, Edgerton, Kansas, was developed between 2014 and 2017. The 10-property portfolio is currently 93 percent leased.
Steve Murray, Managing Director at Barings, said: “We are excited to continue our partnership with Ares and NorthPoint Development on the refinancing of these Class A facilities in a strong industrial market.
“This opportunity is closely aligned with Barings’ real estate debt strategy, which focuses on investing in high-quality real estate in dynamic markets, supported by experienced sponsorship.”
Daniel Hedgepeth, director at Barings, said: “These assets are uniquely positioned to benefit from Kansas City’s healthy market fundamentals with a strategic location at the world-class NorthPoint inland port.”
The transaction expands Barings’ more than $28.4 billion real estate debt platform, which focuses on providing loans secured by “institutional quality” commercial properties.
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