AEW Europe has acquired St Clement’s House EC4 in a £25 million purchase on behalf of its Europe Value Investors Fund (EVI).
The price of the off market transaction reflects a capital value of £580 per sq ft and is the third City of London asset added to EVI’s portfolio this year, following the acquisition of 24-28 Martin Lane EC4 and 65-68 Leadenhall Street EC3.
St Clement’s House is a Grade II Listed building comprising approximately 43,400 sq ft of office and ancillary accommodation arranged over the basement, lower ground, ground floor and five upper storeys. AEW plans to renovate the building to maximise its potential.
Commenting on the acquisition Carsten Czarnetzki, Portfolio Manager for AEW Europe Value Investors, said: “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 strong 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 million, and has already succeeded in securing equity commitments in excess of €260 million. Its value-add acquisition strategy is focussed exclusively on the office market, predominantly in Germany, France and the UK.
EVI was represented by Savills and the un-named vendor was represented by DTZ.
