Barings and LBS Acquires Southbank Office Development Scheme
Posted on 08/22/2021
Disclosed on August 19, 2021, Barings via Barings Real Estate has completed the joint venture acquisition of an office development scheme in Southbank, London for £43.25 million. LBS Properties is a property development and investment management company focused on the commercial and residential sectors of the central London market. LBS Properties is Barings’ joint venture and development partner for the project. The development scheme was acquired from LaSalle Investment Management.
The site has full planning consent for the demolition of the existing Emmerson building and the development of around 150,000 square feet of new Grade A office space. On completion, the new building will comprise 11 upper floors of high quality, Grade A office with a ground floor retail unit and complemented by 14,000 sq ft of affordable workspace at lower ground, ground and first floor.
The site is located in the heart of the ‘Bankside’ village of Southbank.
