Barings, one of the world’s largest diversified real estate investment managers, announces that it has sold Nexus Place, 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.”
Source : Company