Barings sells Nexus Place for GBP169.4m
Barings has sold Nexus Place at 25 Farringdon Street, London, on behalf of institutional investors, to Brookfield for GBP169.4 million.
The Property is located 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 UK Real Estate Transactions at Barings, says: “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.”
Barings was advised by BH2 as agents and DLA as solicitors.