Deutsche Hypo – NORD/LB Real Estate Finance has provided debt finance of GBP 53,280,000 for the best-in-class modern office building “Landmark” for Barings, one of the world’s largest diversified real estate investment managers. For the second asset, “VOX”, Deutsche Hypo lent GBP 33,000,000 to Barings for the refinancing of apartments in Cornbrook, Manchester. The term of each loan is three years.
The office building Landmark is located by St Peter’s Square in Manchester’s office core and extends to 180,000 sq ft over the basement, ground and 13 upper floors. The property is multi let to ten tenants including Santander, JLL, RSM, Grant Thornton and Allianz insurance. Public transport is easily reached with the Metro station accessible from St Peter’s Square. In addition, the object is characterised by its strong ESG credentials including BREEAM Excellent certification and EPC A rating.
The build-to-rent (BtR) property, VOX, consists of 280 apartments. The ground floor includes a convenience store and landscaped public realm. Furthermore, the building provides a residents’ lounge on the 15th floor as well as a roof top terrace and a 180 metre running track with views across Manchester. A gym, wellness center and a multi use studio are also part of the 227,000 sq ft property. The sustainable building has capacity for 50 parking spaces with EV charging points and over 280 bicycles. VOX is located a two minute walk from Cornbrook tram stop and the apartments are by and large rated EPC B.
Paul Sutcliffe, Senior Director at Deutsche Hypo – NORD/LB Real Estate Finance, said: “We are delighted to build on our relationship with Barings and finance these two prime assets. There continues to be strong occupational demand for grade A offices, in prime locations in Manchester. Particularly offices with excellent ESG credentials like Landmark. VOX is an excellent addition to Manchester’s BtR offering and there continues to be high occupational and investor demand for the sector. Both assets are characterised by their prime locations, connectivity to public transport and their ESG credentials.”
Daniel Köhler, Head of Real Estate Treasury Europe at Barings, said: “Vox and Landmark are signature assets managed by Barings on behalf of a US investor and we are very pleased that Deutsche Hypo as a reliable banking partner to Barings is providing debt against these high quality assets. Barings benefits from a wide network of relationship lenders and we continue to source debt for our equity investments spanning from core to opportunistic in our main markets in the UK, France, Germany, Italy, the Netherlands, Iberia and Nordics.”
Images of the properties are available for download. Please quote “Barings” as the source.