Global diversified real estate investment manager Barings Real Estate realised $15.3 bn (€14.4 bn) of global transactions in 2016, inking $1.1 bn (€1 bn) of deals in Europe.
Assets under management (AUM) reached $48.3 bn (€45.9 bn) globally and $4.2 bn (€4.0 bn) in its European markets.
At a corporate level, 2016 was a particular milestone for the business, with the announcement and successful integration of Cornerstone Real Estate Advisers, Babson Capital Management, Baring Asset Management and Wood Creek Capital Management to create the new Barings, a global asset management firm with over $271 bn of AUM.
'2016 saw the further strengthening of our European platform with a number of key hires made during the year,' commented Charles Weeks (pictured), head of Real Estate Europe. 'Following the successful merger and re-branding of our business we now operate from a larger and more extensive platform, offering a broader set of investment solutions to our clients. As ever, our focus in 2017 will be to continue to originate promising deals, apply our best-in-class asset management skills and, in turn, deliver solid returns for our clients.'
Transaction highlights in 2016 included the sale of a 50% stake in Kamppi Centre, Helsinki to TH Real Estate, which valued the asset at over €500 mln. Barings also acquired Landmark Manchester, a speculative 178,000 m2 Grade A office development in the UK, and concluded a deal for the development of Budapester Strasse, a 17,141 m2 Grade A speculative office development in Berlin, representing the company's first speculative development acquisition in continental Europe.
'We continue to grow Barings’ real estate business by identifying economic, demographic and social trends and developing and executing on innovative investment strategies that provide investors with strong risk-adjusted returns that are accretive to their portfolios globally,' concluded Scott Brown, global head of Real Estate.
