Aviva Investors has acquired a London office building as the first asset for its recently launched climate transition real assets fund.

The asset manager has paid an undisclosed sum to buy Curtain House, a multi-let office building in Hoxton for the Aviva Investors Climate Transition Real Assets Fund (CTRAF).

Launched in July this year, CTRAF aims to provide investors with exposure to a diversified portfolio of climate-focused solutions across European real assets, as well as the decarbonisation of existing real estate assets.

Aviva said it will undertake an extensive refurbishment and decarbonisation programme of Curtain House, as part of the fund’s target of reaching net-zero by 2040. Once refurbished the building will be managed by Aviva Investors as part of its smart buildings programme.

On completion of the works, expected to start in August 2022, the property will offer over 41,000sqft of Grade-A office space, the manager said.

George Fraser-Harding, fund manager at Aviva Investors, said: “Curtain House sits at the intersection between our office and climate transition strategies; not only is the Tech City submarket in London one which we think is positioned to perform strongly over the long-term due to its ability to attract and nurture talent, but Curtain House itself represents an opportunity to convert an iconic yet-substandard asset into a sustainable landmark.”

To read the digital edition of the latest IPE Real Assets magazine click here.