Barings Sells Nexus Place for £169.4 Million
Barings, one of the world’s largest diversified real estate investment managers, announces that it has sold Nexus Place (the “Property”), on behalf of institutional investors, to Brookfield for £169.4 million.
The Property is located at 25 Farringdon Street, London, a prime location on the east side of Farringdon Street, opposite Goldman Sachs’ new offices.
Barings acquired the building in 2013 and has since undertaken a number of value-add asset management initiatives. Public spaces and office floors have undergone refurbishment and a number of lease restructures were completed. In addition, space was speculatively taken back for repositioning and reletting. Nexus Place is now fully let to eight tenants and provides 159,840 square feet of Grade A office space with ancillary retail space.
Darren Hutchinson, Head of U.K. Real Estate Transactions at Barings, said: “Nexus Place is an example of our ability to create value by implementing a number of asset management initiatives and deliver a strong return for our clients. With our business plan now complete we are looking to recycle the capital into alternative strategies.”
Barings was advised by BH2 as agents and DLA as solicitors.
Barings is a $335+ 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. Learn more at www.Barings.com.
*As of September 30, 2019
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.