Thursday, 16 July 2015
AEW Europe acquires St Clement's House in London (UK)
AEW Europe, on behalf of its Europe Value Investors Fund ("EVI"), has acquired St Clement’s House in London EC4 for ca. £25 million (approx. €35.8 mln) in an off market transaction. The price reflects a capital value of £580 per ft² and is the third asset that EVI has acquired in the City of London this year following 24-28 Martin Lane, EC4 and 65-68 Leadenhall Street, EC3.
The Grade II Listed building comprises approximately 43,400 ft² (4,031 m²) of office and ancillary accommodation arranged over basement, lower ground, ground and five upper floors.
Carsten Czarnetzki, Portfolio Manager for AEW Europe Value Investors, comments: “St Clement’s House represents a unique future refurbishment opportunity to deliver a high quality office scheme worthy of its strong location at an optimum point in the cycle. This acquisition complements our ongoing strategy to create and provide Grade A office buildings in core European markets.”
The Europe Value Investors Fund has a target investment capacity of €700 mln and has already raised in excess of €260 mln of equity commitments. The Fund is deploying a core plus and value-add acquisition strategy, focusing exclusively on office assets and concentrated predominantly in Germany, France and the UK.
EVI was represented by Savills and the vendor was represented by DTZ.
Source: FTI Consulting