Barings acquires Saint-Gobain factory near Loures

 In Logistics, Mergers and Acquisitions, News

The US global investment management company Barings, which specialises in real estate and specialist equity markets, has announced its purchase of a former factory site that belonged to the glass manufacturing company Saint-Gobain Sekurit.

The asset manager plans to build “one of the largest logistics parks in Portugal” on the 210,000m2 site acquired from the French group that closed the existing factory that it had in Santa Iria da Azóia in the summer of 2021.
The factory that had made car windscreens was closed on August 24, 2021 with the collective redundancy of 130 workers.
Now Barings has announced that it has acquired the premises from Saint-Gobain and promised, according to a communiqué made on January 31, to build one of the largest logistics parks in the country.
The acquisition was made via its second European closed real estate fund – Breeva II – which closed two years ago having raised €850 million from investors. Barings will develop the Loures project with “one of the key logistics real estate developers in Europe.”
Barings has not revealed the value of the transaction or the investment in the project in Portugal.
Another Saint-Gobain factory in Portugal, Covipor in Santo Tirso, which had a €18 million turnover, was acquired in 2023 by Portugal’s largest luxury property developer Vanguard Properties for €12 million to produce glass fixtures and fittings for its property developments in Portugal.