Aviva Investors, the global asset management business of Aviva, has acquired Curtain House, a multi-let office building in Hoxton, London N1.
Financial details were not disclosed.
The deal represents the first investment made by its recently launched Aviva Investors Climate Transition Real Assets Fund (CTRAF).
Curtain House is a Grade II listed, five storey Victorian warehouse building in Shoreditch, London’s hub for technology businesses and the creative industries.
In line with the fund’s target of reaching net zero by 2040, Aviva Investors will undertake an extensive refurbishment and decarbonisation programme of Curtain House, which will aim to raise the building’s EPC rating from its current E-grade to a targeted EPC A-rating.
As part of the transformative work, other sustainability measures will include converting the site to an electricity-only operation, installing a solar array and the provision of heating and cooling via an air source heat pump system. Where possible the building fabric will also be upgraded, whilst respecting heritage design constraints.
Once refurbished the building will be managed by Aviva Investors as part of its Smart Buildings Programme, which uses smart technology to minimise the energy usage of buildings.
To date, the initiative has delivered over £1.1 mln (€1.3 mln) in avoided energy costs for occupiers, whilst also contributing to an 18% reduction in carbon emissions intensity across the buildings in Aviva Investors’ portfolio of assets since 2020.
On completion of the works, expected to start in August 2022, the property will offer over 41,000 ft2 (3,800 m2) of Grade-A office space across larger than average floor plates for the area, ranging from 6,800 ft2 to 13,500 ft2.
Many of the original features will be retained, with a new reception area and internal atrium with improved natural daylight created, alongside dedicated cycle storage, shower and changing facilities. A self-contained 13,000 ft2 ground floor unit will continue to be occupied by Blues Kitchen, a restaurant and live-music bar.
The purchase is the second deal Aviva Investors has completed in the Shoreditch area of London in recent weeks and follows its acquisition of the Hoxton Campus in partnership with PSP Investments, which consists of four offices located around neighbouring Hoxton Square, N1.
The company also acquired the low carbon, zero fossil fuel Stylus office building on Old Street, EC1, in November last year.
