GSI Capital has secured the acquisition of Rentas y Desarrollo Baker SpA, the primary real estate lessor for Aramco Chile, in a deal that marks a significant shift in the country’s fuel retail property landscape. The transaction, led by Southern Cross Group’s sale of its 100% stake in Baker, involves a portfolio of 95 commercial properties nationwide, the majority of which are tied to long-term leases with Aramco Chile. This move consolidates GSI Capital’s position as a key player in Chile’s energy-linked real estate sector, particularly as investors seek stable, income-generating assets with long-term occupancy.
According to verified reports, Baker owns 89 long-term lease agreements with Aramco Chile, which operates 88 service stations and 63 convenience stores across these properties. The company holds 47 supplementary contracts with other commercial tenants, diversifying its revenue streams and reinforcing cash flow stability. The portfolio’s strategic value lies in its direct integration with Aramco’s downstream operations, one of the world’s largest integrated energy companies, making it a rare infrastructure-adjacent asset class in Latin America’s retail energy market.
The deal, which could close within approximately 60 days subject to standard conditions, reflects Southern Cross Group’s broader strategy to monetize non-core assets following its 2024 sale of Esmax’s fuel distribution operations to Aramco. Southern Cross retains holdings in two infrastructure ventures: Sonacol, a central Chile oil pipeline, and SIAV, aviation fuel storage infrastructure at Santiago’s international airport. Jaime Besa, the Southern Cross partner who led the Baker transaction, emphasized that the asset exemplified the firm’s investment philosophy: identifying undervalued assets, executing structural transformation, and maximizing potential through disciplined execution.
Although the exact purchase price has not been officially disclosed by either party, multiple financial outlets have reported that GSI Capital paid approximately US$290 million for the full equity stake in Baker. This figure aligns with market expectations for a portfolio of this scale and lease quality, particularly given the creditworthiness of Aramco Chile as a anchor tenant and the geographic dispersion of the properties across urban and highway corridors from Arica to Punta Arenas.
GSI Capital, led by executive Nicolás Noguera, operates as an alternative investment manager with ties to Moneda Patria and other institutional partners. The firm has increasingly focused on real assets in Latin America, particularly those offering inflation protection and long-term contractual certainty. The Baker acquisition represents one of its largest single-asset purchases to date and underscores growing investor interest in sale-leaseback models and essential infrastructure linked to essential commodities distribution.
The transaction also highlights the evolving nature of Chile’s energy retail sector, where traditional integrated operators are increasingly separating fuel distribution from real estate ownership. By selling Baker, Southern Cross continues to streamline its portfolio toward core energy infrastructure, while GSI gains immediate access to a high-quality, predominantly triple-net leased asset base with minimal operational overhead and predictable income streams.
Industry analysts note that such deals are becoming more common as global energy majors like Aramco pursue asset-light models, transferring real estate risk to specialized investors while retaining operational control through long-term leases. For Chile, this trend could encourage further institutional investment in service station real estate, particularly as convenience store formats and EV charging infrastructure evolve alongside traditional fuel retail.
As of the latest available information, no regulatory filings or antitrust notifications have been publicly reported regarding the Baker-GSI Capital transaction, suggesting it may proceed under standard commercial closing procedures. Both parties are expected to finalize the deal within the outlined 60-day window, pending customary due diligence and third-party consents.
For ongoing updates on this transaction and related developments in Latin American energy infrastructure investment, readers are encouraged to monitor official statements from GSI Capital and Southern Cross Group, as well as filings with Chile’s Comisión para el Mercado Financiero (CMF).
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