The Berceo shopping centre, located in the Autonomous Region of La Rioja, is the dominant retail asset in the province, serving as the only major retail destination within a 100km radius. Attracting visitors from Logroño and the neighbouring provinces, it is the leading food, fashion and leisure destination in La Rioja. Since opening in 2003, Berceo has maintained a solid performance track record, driven by the presence of key retailers such as Zara, Primark, Carrefour and Mediamarkt. This positioning, together with sustained recovery following the pandemic, has enabled the centre to reach 6.3 million visits in 2025, consolidating its role as an economic and social engine for La Rioja.

Castellana Properties has acquired a total of 34,416 sqm of GLA in the complex, representing 100% of Barings’ interests in the center.

José Carlos Torres, Managing Director and Country Head Iberia at Barings Real Estate, said: “Thanks to Barings’ active asset management, Berceo has been a consistently overperforming asset within our portfolio. Since its acquisition in 2016, income, occupancy, tenant mix and footfall have been consistently enhanced. This sale reinforces our commitment to disciplined capital rotation while creating sustainable value for our investors in Spain. After a record year for the platform in Iberia, with €310M transacted, our prime sectors for acquisitions in Spain in 2026 are mainly in the living spectrum, from core to value add, but we are also open to logistics, offices and retail opportunities.”

Gunther Deutsch, Managing Director and Head of European Transactions at Barings Real Estate, said: “We had a very successful transaction year in Spain last year, with a total of six transactions with a value of €310m between acquisitions and sales, delivering consistent returns to our investors. We are pleased to have completed this transaction with Castellana Properties for €108M, an experienced operator in the retail sector, and believe they are well placed to continue outperforming.

Barings remains active in both acquisitions and disposals of core to value add real estate in its priority European markets of Iberia, France, Italy, Germany, the Netherlands, the UK and the Nordics.

Retail in the right locations with value creation opportunity continues to be an attractive theme for us.  We remain selectively acquisitive in the retail sector – alongside our preferred sectors of living and logistics.”

For Barings
Ben Monteith/Charlotte Coulson (SEC Newgate)
baringsRE@secnewgate.co.uk

Barings Real Estate
Barings Real Estate (BRE) is a part of Barings and offers a broad range of global investment opportunities across the private debt and equity investment markets. BRE invests in all major property sectors and offers an expansive range of financing solutions to real estate borrowers.  Follow us on LinkedIn at linkedin.com/showcase/barings-alternative-investments.

About Barings
Barings is a $481+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions. Learn more at Barings.com.

*As of December 31, 2025