The fund manager Barings has purchased from CBRE Global Investors (CBRE GI) the Berceo shopping center located in Logroño (La Rioja), advised by Cushman & Wakfield.
Berceo has a gross leasable area of 34,072 square meters and has more than 2,600 parking spaces. The shopping center recorded sales of 62 million euros in 2016, 9% more than the previous year, and closed the year with 6.1 million visitors, 0.12% more.
Among the tenants of the center are different brands of Inditex, including Zara or Pull & Bear, Primark, El Corte Inglés or Media Markt. In addition, Berceo has Yelmo and restaurant spaces with operators such as Foster's Hollywood or Burger King.
For Barings it is the fifth operation in Spain. Barings, one of the leading real estate investment managers, landed in Spain two years ago and has an office in Madrid.