Barings has acquired an office in Paris from Groupe Financière JL for an undisclosed sum.
The asset manager made the acquisition on behalf of a pan-European core strategy and intends to upgrade the property to high environmental, social and governance credentials once it receives vacant possession.
Currently, just under half of the building is configured as workshops and showrooms for the current sole tenant, a luxury fashion brand which has been based there since 2004 and whose lease expires at the end of 2021.
Barings has appointed Nexity to undertake the refurbishment works which are currently expected to complete between late 2023 and early 2024.