Cording Real Estate has confirmed that it has joined forces with Tristan Capital Partners to acquire the Holborn Links Estate in London’s Midtown district.
The deal, which was first reported by CoStar News on Thursday, involves roughly half of Israeli billionaire Teddy Sagi's 465,000 sq ft (43,200 m2) office-dominated London estate in a value-add deal worth £245 mln (€290 mln).
Cording and Tristan have agreed terms to buy the mixed-use freehold interest which sits on a 2.5-acre site and has a 17% vacancy level.
Sagi’s Citwax Investments appointed Cushman & Wakefield in March last year to sell the assets, quoting around £275 mln.
Sagi bought the wider Holborn Links Estate in 2016 from a group of investors advised by Triangle Group for circa £300 mln.
The Holborn Links Estate includes office, educational, retail, restaurant and residential buildings in Southampton Row, Southampton Place, Bloomsbury Square and the iconic Sicilian Avenue.