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Barings Completes £27.9 Million of UK Transactions on Behalf of a Separate Account

Dec 01, 2021

Barings, one of the world’s largest diversified real estate investment managers, has completed on three UK transactions worth a total of £27.9 million, on behalf of a client. These transactions include the purchase of Avalon House for £15.45 million, as well as the disposal of two retail warehouses for an aggregate £12.4 million.

Located in Richmond-upon-Thames in Greater London, Avalon House provides 28,395 sq ft of Grade A, flexible high-quality office space, with the floors suitable for subdivision to facilitate a wide range of occupiers. The building is fully let and includes 35 car parking spaces, which is unique in the Richmond market, and is in close proximity to Richmond station and transport links to central London.

Barings has also completed the sale of two retail warehouses in Banbury and Leamington Spa. In Banbury, Barings has sold two adjoining retail warehouse units, comprising a total of 35,366 sq ft, for £7.325 million. The units are let to Topps Tiles and Wickes.  In Leamington Spa, Barings has sold a terrace of three retail warehouse units, providing a total of 17,209 sq ft and let to Bensons for Beds, Dreams and Pets at Home, for £5.1 million. Following these disposals, Barings no longer holds any retail-led investments in the UK.

Darren Hutchinson, Head of UK Real Estate Transactions and Managing Director at Barings, added:
“The acquisition of Avalon House and the sale of the two retail assets provided an opportunity to further tilt the portfolio toward the office sector where we see some good relative value opportunities. Despite the ongoing turbulence in high street retail, the retail warehouse market has proven more resilient and the recent strengthening of the market provided an opportunity to achieve value for our client and further focus our portfolio towards our preferred sectors of offices, living and logistics. Moreover, the acquisition of Avalon House, a high-quality space in an affluent location, is an exciting addition to the office portfolio, offering both an attractive income stream in the near term as well as reversionary potential in the future.”

Gunther Deutsch, Head of Transactions Europe and Managing Director at Barings, commented:
“This transaction underlines our continued focus on offices, logistics and the alternative living sector, including BTR and student housing, in geographies where we can deliver meaningful value for our clients through our team of on-the-ground experts in these preferred sectors.”

Barings Real Estate

Barings Real Estate (BRE) offers a broad range of global investment opportunities across the private debt and equity investment markets. BRE invests in all major property sectors and offers an expansive range of financing solutions to real estate borrowers. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.

About Barings

Barings is a $387+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.

*Assets under management as of September 30, 2021

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