AEW Europe, on behalf of its Europe Value Investors Fund (EVI), has acquired St Clement’s House in London in an off-market transaction worth £25 mln (€36 mln).

AEW Europe, on behalf of its Europe Value Investors Fund (EVI), has acquired St Clement’s House in London in an off-market transaction worth £25 mln (€36 mln).

The price reflects a capital value of £580 per sq ft and is the third asset that EVI has acquired in the City of London this year following 24-28 Martin Lane and 65-68 Leadenhall Street.

The Grade II Listed building comprises 43,400 sq ft (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, 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 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 over €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.