Barings finances No1 Spinningfields acquisition
Barings Real Estate has financed the GBP201 million acquisition of No1 Spinningfields in Manchester, by a joint venture set up and managed by Schroder Real Estate Investment Management with an GBP81 million facility.
The 40 per cent LTV, 10-year fixed rate loan is secured against the recently completed 310,000 sq ft office building which is home to a range of high-quality occupiers such as PwC, Squire Patton Boggs and Weightmans. Marks & Spencer occupy the ground floor retail space and D&D London are fitting out a high-end restaurant on the 19th floor of the building.
Barings also recently provided GBP34,700,000 of development finance to fund the acquisition of a build-to-rent residential project in Greater Manchester, meaning over GBP100 million has been committed to debt transactions in Manchester in recent months. In addition, on the equity side of the business, Barings is currently developing Landmark, a 180,000 sq ft office scheme in St. Peter’s Square, Manchester on behalf of an institutional investor.
Chris Bates, Head of Core Mortgage Europe at Barings Real Estate, says: “We are strong advocates of the Manchester market and are delighted to have supported such a high quality sponsor as Schroders on their acquisition of this Grade A property. We continue to see opportunities across both the senior fixed rate and structured areas of the debt market and look forward to continuing the expansion of our debt platform in 2018.”
Barings Real Estate is part of Barings LLC, one of the world's largest diversified real estate investment managers. The company actively invests in the private and public equity and debt markets. It provides advisory services in core, value-add and opportunistic investments for institutional and other qualified investors worldwide.