Barings provides €40 million construction loan for Seville Retail Park
Aug 02, 2019
Barings, one of the world’s largest diversified real estate investment managers, announces that it has provided, on behalf of one of its managed accounts, a €40 million senior construction loan to finance the development of a retail park in Dos Hermanas, located outside of Seville, Spain.
The 36-month loan, which has been provided to a joint venture between Kronos Investment Group and a global investment management company, will fund the construction of a 64-unit, 48,646 square meter retail park, with 2,000 parking spaces, including electric car charging stations. The project is over 70% pre-let, ground and infrastructure works have been completed and full planning and building permissions have been obtained. The retail park is expected to open in Summer 2020.
Dos Hermanas has a population of 133,000i and is located 15km from the centre of Seville, Spain’s fourth largest city. The development is being positioned as the new town centre, providing much needed new leisure and food and beverage offerings and an “events plaza”, to ensure it is relevant to current consumer trends.
Ben Silver, Head of Global Real Estate Debt, Barings, said, “This is our latest loan to close in Western Europe as we continue to build our global debt platform. We are excited to be part of real estate transactions like Dos Hermanas and look forward to seeing opportunities from similar Sponsors.”
Sam Mellor, Head of Real Estate Debt Portfolio Management and Origination – Europe, Barings, added, “Dos Hermanas is a growing dormitory town close to Seville and this loan will enable the construction of the dominant retail scheme for the immediate and undersupplied catchment area. The strength of the project is evidenced by the high demand for the space, which is already substantially pre-let.”
Barings Real Estate
Barings Real Estate offers a broad range of global investment opportunities across the public and private debt and equity real estate investment markets. We invest in all major property sectors and offer a broad range of financing solutions to real estate borrowers. We also specialize in providing government and government-sponsored entity lending products through our wholly owned subsidiary, Barings Multifamily Capital. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.
Barings is a $325+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.
*As of June 30, 2019
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