Barings, one of the world’s largest diversified real estate investment managers, announces that it has acquired a Grade A office building in the City of London, United Kingdom, from a German retail real estate fund managed by global real estate manager DWS, for £130.5 million, on behalf of a core investment strategy.
Capital House is a high quality stone clad building, originally constructed in 2003 by Sir Robert McAlpine, comprising 126,000 sq ft of office, retail and ancillary space over basement, lower ground, ground and eight upper floors. The property is currently 55% let to six tenants, including Sainsbury’s and Pret A Manger, with a WALT of 6.2 years.
Barings will undertake a comprehensive programme of active asset management to reposition the building into a best-in-class office in the core of the City of London, with strong sustainability credentials. Plans include the refurbishment of three vacant office floors, enlarging and renewing the reception area to provide tenant amenity, as well installing additional showers and bike storage and overhauling central plan and machinery. The refurbishment of the 6th and 8th floors will focus on the existing terracing and provide high quality internal and external space which will give enviable space in the heart of the City.
Capital House is located on the north side of King William Street, on the principal north-south arterial routes in the City of London linking the Bank of England and London Bridge. It is surrounded by a huge range of food, drink and entertainment options, while many large businesses have offices in the immediate area.
The building is 50 metres from Bank station, with access to the Central, Northern, Waterloo & City, Circle and District lines on the London Underground, as well as the DLR. Bank station is currently undergoing a major upgrade to increase its capacity by 40%, which is due to complete in 2022.
Source : Company