Barings, acting on behalf of institutional investors, has sold Nexus Place to Brookfield for €201.5m (£169.4m). The asset 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 159,840ft² 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.”