AEW Europe acquires City of London office building for approx. €32 mln (UK)

AEW Europe has acquired 24-28 Martin Lane, EC4, a refurbished office building in the City of London, on behalf of its Europe Value Investors Fund (EVI) for circa £24 mln (appox. €32 mln). The asset was acquired off-market from Trinova, who sold it on behalf of a high net worth investor.
The 3,000 m² multi let building is located in close proximity to Monument, Bank and Cannon Street stations. It is 100% let to tenants including Business Wire, WH Ireland and The Law Society.
The purchase is the Fund’s first UK acquisition and brings the aggregate value of the seven assets now in EVI to circa £220 mln (approx. €267 mln)  AEW’s value-add strategy for the asset will be to renegotiate the leases, which are currently well below ERV, whilst maintaining a diverse tenant mix with solid covenant strength.
Carsten Czarnetzki, Portfolio Manager for AEW Europe Value Investors said: “Our first UK acquisition for EVI represents exactly the kind of asset we are targeting for the Fund. It has a protected downside through a diversified income stream and considerable reversionary upside over the medium term, owing to the solid market fundamentals in the City of London.”
 Source: AEW Europe