Barings Real Estate Advisers has acquired the Berceo Shopping Centre in La Rioja, Spain for an undisclosed sum.
The asset was acquired from Retail Property Fund Iberica, a fund managed by CBRE Global Investors.
Barings said the 34,000sqm property is almost fully let.
Berceo Shopping Centre is situated on the edge of Logroño, the capital city of La Rioja.
Adolfo Favieres, the country head of Spain at Barings Real Estate Advisers, said: “This transaction presents a rare opportunity to acquire a core shopping centre in a strong urban location with best in class retailers and limited competition in the surrounding area.
“Even though the asset is almost fully let, we have identified a number of short and medium term asset management initiatives to enhance the centre and drive the net operating income forward, such as increasing the amount of space for food and beverage operators, which will ensure this asset continues to attract high levels of footfall and high quality tenants.”
Gunther Deutsch, the managing director and head of investment transactions Europe at Barings Real Estate Advisers, said: “Berceo Shopping Centre was our fourth acquisition in Spain during 2017 following the acquisition of logistics assets in Zaragoza and Ontigola, as well as a retail development in Madrid, and further strengthens our presence in the Spanish market.
“For 2018 we will continue to focus on the office, logistics and retail sectors but will also be widening our remit to include hotel and residential assets.”
“Furthermore, we will be looking to become more active on the development side either developing projects ourselves or through partnering with local developers in order to deliver value for our investors,” Deutsch said.