Tristan fund acquires historic London estate for €293m

CCP 5 Long Life, the core-plus perpetual fund advised by Tristan Capital Partners and Cording Real Estate Group, has acquired the Holborn Links Estate in Central London for £245 mln (€293 mln) from LabTech Investments.

LabTech is controlled by Israeli billionaire, Teddy Sagi. The group purchased the asset in 2016 for nearly £300 mln. 

Located between the City and London’s West End, the freehold estate comprises 32 individual assets over 253,715 ft2 (23,500 m2) of leasable space.

The Bloomsbury estate is currently home to 50 different tenants across a range of sectors and also includes a number of Grade II listed buildings, such as Sicilian Avenue.

Nicho Jenkins, managing director at Tristan, said: 'The Holborn Links Estate has huge potential. Our focus will be on repositioning the entire offer to create a high quality user experience in a cohesive and carefully curated environment.

'That investment should allow us to benefit from burgeoning demand for office and retail space in Midtown, at a time when vacancy rates are low and there is a limited development pipeline.'

Mark Millar, head of UK investment at Cording, added: 'The Crossrail London railway network is expected to bring an additional 1.5 million people within a 45-minute commuting distance of the capital once it opens in the final quarter of this year, creating a halo effect around the new stations that will strongly benefit the Holborn area.

'Our refurbishment plans will also make a large contribution to the evolution of the Holborn Links Estate as a high-quality location that will attract a range of office and retail occupiers.'

Tristan was introduced to the deal by Cording who will invest alongside CCP 5 LL and act as the asset manager for the estate.

Knight Frank acted for Tristan and Cording, whilst Cushman & Wakefield acted on behalf of Labtech Investments.


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