Barings has bought a £215m (€250.3m) mixed-use development in the UK.

The manager said it has acquired Soapworks in Bristol on behalf of a ”retained client” and will work with developer Socius to deliver the scheme.

The scheme has planning consent for 154,000sqft of flexible office accommodation as well as 243 build-to-rent apartments, and 18,800sqft of flexible ground floor retail, hospitality and leisure space.

Darren Hutchinson, managing director and head of UK real estate transactions at Barings, said: “Already a landmark in Bristol, Soapworks will be an iconic place to live and work in the city, with new and much-needed homes, Grade A office space, and a revamped public realm and vibrant ground-floor retail and hospitality.

“Working alongside Socius, we’re working to retain as much of the original buildings as possible, and thus the embodied carbon, so that we can create a first-class destination with as little environmental impact as possible. Due to the quality of this space, it will not only be a landmark within Bristol but be an example of excellent place-making across the UK.”

Ben Pile, the head of European residential investing and asset management at Barings said: “Soapworks will offer a very high standard of living and working space, making it a hugely attractive asset as we look to continue to acquire more developments in our preferred sectors.

“Given Bristol’s desirability as a place to live, its sizeable student population and its undersupply of top-quality office accommodation, we anticipate demand for both homes with high levels of amenity and best in class net zero workplaces continuing to grow significantly.”

 Barry Jessup, managing director at Socius, said: “Barings share our long-term vision for a new vibrant district in the heart of Bristol which blends much-needed flexible and sustainable workspace with new homes and an eclectic retail and dining mix.

“We look forward to working together with the council and local community to delivering this exciting project in what is one of the UK’s most dynamic and fast-growing cities.”

Colliers and Ashurst acted for Barings, and Savills and DWF acted for the vendor.

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