Barings has become the sole owner of the Avalon Business Park in Madrid with the acquisition of the remaining four office buildings from GreenOak Spain Holdings Socimi II (one of GreenOak’s Spanish REITs).
Located in Julián Camarillo, a techie zone in Madrid, the Avalon business park is composed of 9 buildings with a total GLA of almost 47,000m². As reported by SpanishREIT.com, Barings purchased the other 5 buildings in Avalon Business Park from Meridia Capital last August. Adolfo Favieres, country head for real estate in Spain at Barings, said: “now that we are sole owners of Avalon Park we have an ambitious plan to position the property as the market reference for this asset class in Spain, through selective capital expenditure and providing services to occupiers. Simultaneously, we continue to expand our portfolio strategy of investing in core plus to opportunistic investments across target locations in Europe.”
Barings announced the conversion of its Spanish subsidiary, Barings Core Spain, into a SOCIMI (Spanish REIT) last year and the vehicle includes assets like Berceo, the dominant shopping center of Logroño, with a GLA of 34,000m² as well as a 1,638m² high street unit on Velazquez nº64 leased to Banco Santander. In addition to the aforementioned assets, the listed property fund includes various assets in Zaragoza.
As of September 30, 2018, Barings is a $310+ billion global financial services firm that invests in both traditional and alternative assets in the United States, United Kingdom, and Europe. The fund was formerly known as Cornerstone Real Estate Advisers LLC and was founded in 1994.