Trinova close acquisition of Covent Garden Building for Stars REI, acquired from Aviva

 In Insights

Trinova Real Estate have completed the acquisition of 33 Kingsway, London WC2 from Aviva on behalf of Stars REI.

Situated to the east of Covent Garden and opposite the London School of Economics, the property comprises c.60,000 sq ft of office and retail accommodation.

Office tenants include American fashion house Michael Kors, Japanese Pharmaceutical company Shionogi, e-commerce leader Channel Advisors and global information business Ascential.

The ground floor retail unit is let to Pret a Manger. The property benefits from balconies overlooking Covent Garden and has 46 bicycle spaces, lockers and shower facilities.

Edmund Costello, Partner at Trinova Real Estate, said in a statement: “The asset provides attractive fundamentals and is situated in a core Midtown location with a strong tenant line-up. We believe that the asset provides strong defensive characteristics and is also well positioned to benefit from attractive leasing dynamics in the micro-location going forward.”

Oscar Boettiger, CEO at STARS REI, added: “We believe 33 Kingsway is a great addition to our real estate portfolio in terms of asset quality, tenancy and location. Despite the prevailing uncertainty over Brexit, we are confident in the long term underlying fundamentals of the London market”

John Osborn, Fund Manager at Aviva commented: “Following refurbishment and active management of the asset, this disposal enables the Fund to commit capital expenditure to major development.”

Michael Elliott acted for Stars REI and Trinova. CBRE acted for Aviva