Barings and joint venture partner development partner LBS have paid £43.25 million ($59 million) for an office development scheme in London’s Southbank. The seller was LaSalle Investment Management.
The site has full planning consent for the demolition of the existing Emmerson building and the development of 150,000 square feet of new grade A office space that will be built to the highest sustainability standards with the target of creating a net-zero carbon building.
Upon completion, the new building will consist of 11 upper floors of high-quality, class A office, with a ground-floor retail unit and 14,000 square feet of affordable workspace at lower ground, ground and first floor.
“This transaction represented a rare opportunity to acquire a well-located development site in a historically undersupplied and attractive submarket of London,” said Gunther Deutsch, head of transactions Europe and managing director at Barings. “We have strong convictions in
