Cornerstone Real Estate Advisers Europe says the acquisition of an office property in London's Covent Garden district is the first step in its strategy to establish a portfolio of core real estate assets across Europe.

Cornerstone Real Estate Advisers Europe says the acquisition of an office property in London's Covent Garden district is the first step in its strategy to establish a portfolio of core real estate assets across Europe.

The fund manager announced on Thursday that it had completed the acquisition of Davidson Building from UK REIT Derwent London for £66 mln (€94 mln).

'This acquisition is an important first step in implementing our pan-European strategy to invest in core real estate assets across the key markets. The acquisition of Davidson Building provides exposure to one of the major global markets and will offer access to the strong occupational dynamics of London,' said Jorge Duarte, a senior director for fund management at Cornerstone Europe.

Davidson Building is located on Southampton Street in the heart of Covent Garden, central London. The property features an original Edwardian façade, while the remainder of the space was developed in 2003 to provide 2,900 m2 of modern office facilities and 150 m2 of retail on the ground floor.

The building is fully let to six office tenants and Sainsbury’s occupies the retail space. Lease expiry deadlines range between July 2019 and September 2025.

Cornerstone Real Estate Advisers Europe is a subsidiary of US-based Real Estate Advisers, which had €.39 bn of real estate assets under management globally at end-2014. The European business had a €2.9 bn portfolio at the end of last year, putting it in 99th place in PropertyEU's Top Investors ranking published in October 2015.

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