Chile-headquartered investor and Trinova complete Midtown buy

Chile-headquartered property investor Stars REI and Trinova Real Estate have completed the £62m acquisition of 33 Kingsway, WC2, from Aviva investors. Located close to Aldwych, the 60,173 sq ft property features balconies on floors two to six and has 46 bicycle spaces, 43 lockers and five showers. It was put up for sale in May with CBRE at a quoted price of £65m, reflecting a 5% yield. Tenants include fashion label Michael Kors, the EMEA headquarters of e-commerce platform ChannelAdvisor and Japanese healthcare company Shionogi. Stars REI is a wholly owned subsidiary of Stars Investments, while Trinova is the local partner for Stars REI on the acquisition. Edmund Costello, partner at Trinova Real Estate, said: “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, chief executive 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 Investors, said: “Following refurbishment and active management of the asset, this disposal enables the fund to commit capital expenditure to major development” Michael Elliott advised Stars REI and Trinova Real Estate. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette