Barings, through its core European real estate strategy, has sold the Berceo shopping centre in Spain to Castellana Properties for €108m.
The 34,416sqm Berceo shopping centre complex, located in the autonomous region of La Rioja, was opened in 2003.
José Carlos Torres, managing director and country head Iberia at Barings real estate, said: “Thanks to Barings’ active asset management, Berceo has been constantly an overperforming asset within our portfolio. Since its acquisition in 2016, income, occupancy, tenant mix and footfall have been consistently enhanced.
“This sale reinforces our commitment to disciplined capital rotation while creating sustainable value for our investors in Spain.”
Torres said following a record year in Iberia with €310m in transactions, the firm’s primary acquisition targets in Spain for 2026 are focused on the living sector, spanning core to value-add strategies.
The firm also remains open to opportunities across the logistics, office and retail segments, he added.
Gunther Deutsch, MD and head of European transactions at Barings Real Estate, said: “We had a very successful transaction year in Spain last year, with a total of six transactions with a value of €310m between acquisitions and sales, delivering consistent returns to our investors.
“We are pleased to have completed this transaction with Castellana Properties for €108m, an experienced operator in the retail sector, and believe they are well placed to continue outperforming.”
Alfonso Brunet, CEO of Castellana Properties, said: “This transaction strengthens Castellana Properties’ growth strategy and geographic diversification in Spain, consolidating our presence in the north of the country. Asset rotation, supported by the recent sale of our retail park portfolio, has enabled us to reinvest part of the proceeds in the acquisition of this strategic, high-potential asset, fully aligned with our active management and sustainable value creation model.
“This reinvestment strategy will allow us to continue growing in the future through the incorporation of new assets in line with our roadmap.”
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