Logroño, Spain
CBRE Global Investors Sells Berceo Shopping Centre in Spain
23 Jan 2018
CBRE Global Investors has successfully completed the sale of Berceo Shopping Centre in Logroño, Spain. The sale, to one of the funds managed by Barings, forms part of a limited disposal programme of assets that have been optimised out of the CBRE Retail Property Fund Iberica (RPFI). Berceo Shopping Centre was acquired in 2004 and has performed strongly since acquisition.
The shopping centre is let to 98 tenants including Primark, H&M, Media Markt and a newly refreshed flagship store by Zara. The centre is anchored by a Carrefour hypermarket which has recently opened for trading with very strong results.
Antonio Simontalero, Portfolio Manager RPFI, CBRE Global Investors, said: “The investment market in Spain has consolidated further over the past years and attracts strong interest from international and national players, as we witnessed during the initial bidding round. Investors are attracted by the recovery and strength of the Spanish retail fundamentals. Our strategy is to focus the RPFI portfolio on its core assets and benefit from current market momentum.”
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About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $98.3 billion in assets under management* as of September 30, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and Investment Company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
The shopping centre is let to 98 tenants including Primark, H&M, Media Markt and a newly refreshed flagship store by Zara. The centre is anchored by a Carrefour hypermarket which has recently opened for trading with very strong results.
Antonio Simontalero, Portfolio Manager RPFI, CBRE Global Investors, said: “The investment market in Spain has consolidated further over the past years and attracts strong interest from international and national players, as we witnessed during the initial bidding round. Investors are attracted by the recovery and strength of the Spanish retail fundamentals. Our strategy is to focus the RPFI portfolio on its core assets and benefit from current market momentum.”
– ENDS –
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $98.3 billion in assets under management* as of September 30, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and Investment Company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.