Cording Real Estate Group has acquired a long leasehold office building in central London for £46m (€52.8m).

The European real estate manager, which manages around €2.5bn of management mandates, said it bought the 111 Strand asset from DTZ Investors.

The asset was acquired for a vehicle advised by Cording, the manager said.

Developed in 2002, the asset comprises 30,549sqft of office space and three retail units totalling 7,232sqft.

The majority of the office space is let to CVC Capital Partners. The retail units are let to Specsavers, Albion Computers and The Color Company.

Mark Millar, the head of UK and investment at Cording, said: “This acquisition represents an opportunity to reposition the property through a full refurbishment on expiry of the existing office lease to align the current passing rent to current market levels.”