May 03, 2022

Barings Completes Sale of Core Spanish Supermarkets

Barings, one of the world’s largest diversified real estate investment managers, on behalf of a pan-European core strategy, has completed the sale of four grocery retail assets in Barcelona, Spain to MDSR Investments.

The four assets have a combined GLA of 16,000 sqm and are fully let to Carrefour, the supermarket chain and the eighth largest retailer in the world by revenue.

Barings acquired these assets as part of a portfolio of ten supermarkets in December 2019, with the intention of divesting the non-core assets in the mid-term while holding the core assets to benefit from their robust and sustained income stream in high street urban locations.   

According to data from the most recent European Food & Groceries Market report by Savills, investment in supermarkets in Spain has been at record levels for the past two years, accounting for 98% of the €452 million invested in the food sector in the country during 2021.

Barings was advised by Savills and Perez Llorca. MDSR Investments was advised by CBRE and Allen & Overy.

José Carlos Torres, Managing Director and Country Head of Iberia Real Estate at Barings said: “Having acquired these assets in December 2019, we identified an attractive opportunity to bring them to market and execute our business plan in order to deliver a meaningful return to our investors.  Our preferred sectors in Spain remain logistics, offices and residential.”

Gunther Deutsch, Managing Director, Head of European Real Estate Transactions at Barings said: “This transaction further builds our momentum in retail, having recently completed the sale of retail assets in Italy and Sweden, while we are considering acquisitions in food-led big box retail across our target jurisdictions of the Nordics, Netherlands, Germany, Italy, France and the UK alongside our preferred sectors. Irrespective of sector, investment profile or geography, we are increasingly finding some of our best opportunities by working in joint venture with well-regarded and experienced developers.”

“This deal continues to strengthen our presence in the Spanish retail market, where we already have more than 60 assets,” said Annalaura Benedetti, Country Manager for Iberia for MDSR Investments. "This operation seeks to strengthen the position of our group in the retail segment, and particularly in food, a strategy we started in 2017”

For further information
Tali Robinson/Polly Warrack/Ben Monteith (SEC Newgate)

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About Barings
Barings is a $371+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.

*Assets under management as of March 31, 2022