Barings sells mixed-use building in London for £71m

Barings sells mixed-use building in London for £71m

Global real estate investment manager Barings has sold 7-10 Waterloo Place, a Grade II-listed mixed-use building in London on behalf of an institutional investor for £71 million to Cara Real Estate, the real estate investment arm of Frankfurt-based Cara Investment.

Barings acquired the c35,000 square foot Grade II-listed mixed-use building for £35 million in 2014. Barings undertook an extensive asset management initiative to reposition the building and restore its historic features, culminating in a high-quality, modern office space.

“This sale marks the successful conclusion of our business plan at Waterloo Place to restore what is a truly special building in an enviable St. James’s location. By repositioning this asset we have been able to attract an outstanding tenant base on long leases while driving rental growth, which has enabled us to crystallise strong returns on behalf of our investors,” said Darren Hutchinson, Head of UK Real Estate Transactions at Barings.

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“7-10 Waterloo Place is a fantastic addition to our generational portfolio and fits our long-term strategy of investing in high quality, trophy assets in leading global cities across Western Europe and the United States,” said Klaus Schupp, Managing Director at Cara.

Barings was advised by JLL, BH2 and DLA Piper. Cara was advised by CBRE and Taylor Wessing.