Barings and Brennan Investment Group Form Programmatic Joint Venture Targeting Initial $150 Million of Acquisitions in Industrial Outdoor Storage Assets

Strategic partnership closes first IOS acquisition in Denver, CO

CHARLOTTE, N.C. & ROSEMONT, Ill.--(BUSINESS WIRE)--Barings, one of the world’s largest diversified real estate investment managers, announced today that it has formed a programmatic joint venture with Brennan Investment Group (Brennan), to acquire an initial $150 million in Industrial Outdoor Storage (IOS) assets. In tandem with the announcement, the joint venture has closed on a two-building, 4.75-acre property located in Denver, CO.

“The seed asset and goals of our new venture with Brennan represent a high conviction strategy and asset class for the firm. Together, we aim to capitalize on the growing institutional demand for IOS assets by leveraging Brennan’s deep sector expertise and Barings’ institutional investment platform with the aim of bringing enhanced returns to our clients,” said Raymond Tiernan, Director at Barings.

The strategic partnership, which has the potential to scale beyond the initial $150 million target, will leverage Brennan’s national acquisitions and property management teams to build and operate a portfolio of IOS assets in key industrial markets across the United States. Investment activity will focus on regions with strong fundamentals, including robust e-commerce, construction, infrastructure, and population growth, where supply and demand dynamics support the continued performance of IOS assets.

“The Barings partnership marks a significant milestone for Brennan Investment Group as we expand our focus on Industrial Outdoor Storage. By combining Barings’ world-class investment platform with Brennan’s operational capabilities, we are well-positioned to create a premier IOS portfolio that meets the needs of today’s evolving economy and delivers long-term value for our investors.” said Michael Brennan, Co-Founder and Chairman of Brennan Investment Group.

About Barings

Barings is a $456+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*Assets under management as of June 30, 2025

About Brennan Investment Group

Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired or developed $6.5 billion in industrial real estate in 30 states. The company’s current portfolio spans 29 states and encompasses approximately 57 million square feet.

Brennan Investment Group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The company has 18 regional offices throughout the United States, and the firm’s management team is among the most accomplished in its industry, having invested in over 5,000 properties covering more than 60 cities throughout the United States, Canada, and Europe.

For more information on Brennan Investment Group, go to brennanllc.com.