Barings, one of the world’s largest diversified real estate investment managers, today announced the sale of 7-10 Waterloo Place , on behalf of an institutional investor. The property, located in London, UK, was sold for £71 million to Cara Real Estate, the real estate investment arm of Frankfurt-based Cara Investment, reflecting a net initial yield of 4.06%.
Barings acquired the c. 35,000 square foot Grade II-listed mixed-use building for £35 million in 2014. Barings subsequently undertook an extensive asset management initiative to reposition the building and restore its historic features, culminating in a high-quality, modern office space. The property is rated BREEAM Excellent and was placed on shortlists for the 2017 BREEAM Awards in the Offices (Refurbishment and Fit-out) category and the 2018 Office Agents Society Awards for Best West End Refurbishment / Regeneration.
The property benefitted from the comprehensive refurbishment plan with Barings securing long-term lettings with Brewin Dolphin, Harbour Litigation Funding Limited, Apollo Tyres, Tourmaline Europe LLP and Imperial Treasure; as well as negotiating a head lease extension with the Crown Estate. The high quality tenants have a WAULT in excess of 12 years to expiration.
The purchase of 7-10 Waterloo Place marks Cara’s second London acquisition. In 2018, Cara acquired 20 Soho Square, W1 for £117 million.
Source : Barings