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