A Tristan Capital Partners fund and Cording Real Estate Group have teamed up to buy a £245m (€293m) estate of 32 assets in Central London.

Tristan said the core-plus CCP 5 Long Life fund and Cording have acquired the Holborn Links Estate from LabTech Investments.

Cording is investing alongside the CCP 5 fund and will act as the asset manager for the estate.

The 2.5-acre estate, located between the City and London’s West End, comprises 32 individual assets over 253,715sqft of leasable space.

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 Real Estate Group, said: “The Crossrail London railway network is expected to bring an additional 1.5m 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.”