AEW Europe has acquired Admiralitätskontor, an office building in Hamburg for its Europe Value Investors Fund (EVI).

AEW Europe has acquired Admiralitätskontor, an office building in Hamburg for its Europe Value Investors Fund (EVI).

The Fund is acquiring the asset for a net price of €17.7 mln, reflecting a yield of 5.9%.

EVI is a German Spezialfund which raised €101 mln of equity commitments on its first closing in June 2014. The fund is currently raising more equity commitments and expects to complete a further closing at the end of the year.

EVI will look to invest €700 mln in office assets predominantly located in Germany, France and the UK.

The Admiralitätskontor building comprises a total of 8,140 m2 and also includes 86 parking spaces. The building is currently 82% let to a number of tenants.

Gereon Kohlgrüber, head of Investments Germany at AEW Europe said: 'The Hamburg asset is an attractive investment opportunity for EVI due to its strong location and the ability to add further value by letting the vacant space and improving the lease profile of the building.'

'We continue to target office assets in strategic locations with active asset management opportunities that will allow us to deploy funds in line with the investment strategy and take advantage of the current attractive conditions in the real estate cycle,' added Carsten Czarnetzki, fund manager for Europe Value Investors at AEW Europe.

Engel & Völkers Commercial and Auth Real Estate Advisers advised on the transaction.