28 February 2018 – Eje Prime
Barings is not wasting any time in Spain and is taking advantage of the good health of the country to generate profits from its investments. The British fund has just carried out a €23.1 million capital increase for its Spanish subsidiary Barings Core Spain, which, according to market sources, it is preparing to convert into a Socimi and debut on the Alternative Investment Market (MAB) within the next few months.
Specifically, the company has increased its share capital to finance the purchase of new assets and to meet the company’s financing needs. Following this increase, which was published in the Official Gazette of the Mercantile Registry (Borme), the company’s resulting subscribed share capital amounts to €47.1 million.
Now, after a very active year in terms of acquisitions in the Spanish market, the group has decided to transform its company and turn it into a Socimi. Although the company is in the middle of carrying out that process, it does not yet have a final date for the completion of the transformation. The group is also working in parallel to prepare the future Socimi to start to trade on the alternative stock market.
In this way, all of the assets that form part of the Barings portfolio would move across to be managed by its Socimi. They include the recently acquired Berceo shopping centre, in Logroño (…).
Also in 2017, the British company backed commercial assets with the purchase of a prime retail outlet in Spain. Barings acquired the store at number 64 Calle Velázquez in Madrid. With a retail surface area of 1,638 m2, the establishment is currently occupied by Banco Popular.
In terms of logistics assets, last year, Barings also took responsibility for fattening up its property portfolio with those kinds of products. In April, the group purchased a logistics asset in Madrid from GLL Real Estate Partners for €35 million. The warehouse has a surface area of 56,000 m2 and is leased to Ceva (…).
Before the end of 2017, Barings also completed another purchase. In December, the international manager acquired two assets in Majadahonda (Madrid) for €17.6 million, owned until then by López-Real, and occupied by the Eroski supermarket chain. The fund purchased a storeroom and gas station, spanning a total surface area of 10,900 m2.
Last year, Barings also strengthened its management team in Spain. The fund announced that, as part of the on-going expansion of its European offer, it had appointed Carlos de Oya as Director of Asset Management in the Spanish market. Barings has one office in Spain, located at number 38 Calle Serrano, in Madrid.
Barings Real Estate Advisers is one of the largest diversified real estate investment managers in the world. The group is an active investor in private and listed markets, in both equities and debt, and provides fundamental, value-added and opportunistic investment and advisory services to institutional and other qualifying investors around the world. The group manages an asset portfolio worth €271 billion.
Original story: Eje Prime (by Custodio Pareja)
Translation: Carmel Drake