Frankfurt firm buys St James’s block from Barings for £71m

Cara Real Estate, a Frankfurt-based investment firm, has bought 7-10 Waterloo Place, SW1, from Barings for £71m. The price tag, which reflects a net initial yield of 4.06%, is double the £35m that Barings paid for the Grade II listed building in 2014. Since that time the firm restored several of the property’s historic features and refurbished the office space, which is home to companies including investment manager Brewin Dolphin and Harbour Litigation Funding. Nick Pink, head of fund management for Europe at Barings, said the firm is now on the hunt for new London and UK targets. “We have undertaken a busy programme of sales in the UK over the last two years as business plans have come to fruition,” Pink said. “With the UK and London now offering an interesting relative value proposition in a pan-European context, we expect to be active on the buy side once again over the year ahead, with appetite from core to value add.” Cara was advised by CBRE and Taylor Wessing. Barings was advised by JLL, BH2 and DLA Piper. To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette