Southern Cross Group has sold Baker to GSI Capital

June 2026 — Southern Cross Group has completed the sale of 100% of Rentas y Desarrollo Baker to a vehicle managed by GSI Capital, in a transaction implying an enterprise value of approximately US$285 million. The transaction marks the successful monetization of a large-scale, high-quality real estate platform and the culmination of Southern Cross Group’s investment cycle following the acquisition and transformation of Petrobras Chile. Through the acquisition of Baker, GSI Capital further strengthens its position in the Chilean real estate market, adding a large-scale portfolio of high-quality assets backed by long-term lease agreements with Aramco and complementary commercial tenants.

Baker is a Chilean real estate platform that owns and leases a portfolio of 95 commercial assets strategically located throughout the country. Its portfolio is primarily focused on service stations and convenience retail and includes 88 Aramco-operated service stations, 63 aStop convenience stores, 47 leases with complementary commercial tenants and six currently unleased land parcels with future development potential. Baker operates as the real estate owner within the value chain and does not directly operate the service stations or convenience stores. Its business model is based on generating long-term rental income from high-quality commercial properties. The portfolio is anchored by long-term, inflation-linked lease agreements with Esmax Distribución, Aramco’s Chilean subsidiary, making Baker the largest landlord of Aramco service stations in Chile. The platform generates approximately US$13 million in annual net operating income, supported by stable contractual cash flows and nationwide asset coverage. Its principal customer is Esmax Distribución, complemented by a diversified group of third-party tenants operating retail, food service and other commercial businesses at the properties. As an asset-owning platform, Baker has a limited direct operating workforce, with day-to-day service station and convenience retail operations conducted by its tenants.

GSI Capital is a Chilean alternative investment manager with extensive experience investing in income-generating real estate assets. The firm focuses on the acquisition, management and development of assets supported by long-term contractual cash flows, including service station portfolios and other commercial properties.

Southern Cross Group is a leading Latin American private equity firm founded in 1998, with more than US$4 billion raised for investments across the region. The firm has extensive experience acquiring, developing and monetizing businesses across multiple industries, with a focus on operational transformation and long-term value creation. In 2017, Southern Cross Group acquired Petrobras Chile, which was subsequently rebranded as Esmax Distribución. As part of its investment strategy, the group separated the company’s real estate assets into Baker and later sold the fuel distribution and operating business to Saudi Aramco in 2024. Southern Cross Group retained control of Baker until this sale to a vehicle managed by GSI Capital.

Our role in the transaction

Oaklins’ team in Chile acted as the exclusive financial advisor to Southern Cross Group. It managed the transaction end-to-end, including the preparation of marketing materials, valuation analysis, identification and approach of potential investors, coordination of due diligence, management of negotiations and support through signing and closing. The team contacted 131 potential investors and generated strong interest from strategic buyers, institutional investors, family offices and real estate investors, resulting in a highly competitive process. Oaklins also organized an investor day and conducted a national and international roadshow to broaden the pool of potential investors and position Baker as a unique, large-scale portfolio of income-generating real estate assets backed by long-term leases with Aramco. Southern Cross Group selected Oaklins’ Chilean team based on its strong M&A execution capabilities, extensive relationships with local and international investors, deep knowledge of the Chilean market and ability to maximize competitive tension throughout the process.