Brookfield snaps up Nexus Place for €202m

North American asset manager Brookfield has acquired London office asset Nexus Place from investment manager Barings acting on behalf of institutional investors for £169.4 mln (202 mln). 

The property is located at 25 Farringdon Street, London, opposite Goldman Sachs’ new offices.

'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,' said Darren Hutchinson, head of UK real estate transactions at Barings.

'With our business plan now complete we are looking to recycle the capital into alternative strategies,' Hutchinson added.

Cornerstone Real Estate Advisors acquired the building in 2013 for £128 mln at a yield of around 5.14%. The building passed to Barings when Cornerstone merged with the firm in 2016.

Barings has since undertaken a number of value-add asset management initiatives on the property, refurbishing public spaces and office floors to secure relettings. Nexus Place is now fully let to eight tenants and provides 159,840 ft2 (14,850 m2) of Grade A office space with ancillary retail space.

Previously, Tishman Speyer, which bought Nexus Place in 2007, redeveloped the building, adding four new storeys and some 50,000 ft2 to the property.

Barings was advised by BH2 as agents and DLA as solicitors.


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