Aviva Investors has confirmed that it has bought Curtain House in Shoreditch, EC2, for around £42m.
EG broke the story that a deal was imminent in August.
The multi-let, Grade-II listed office block is the first investment made by Aviva’s Climate Transition Real Assets Fund, which was launched in July.
Aviva Investor’s fund manager George Fraser-Harding 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.”
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 raise the building’s EPC rating from its current E grade to an A rating.
On completion of the works, expected to start in August 2022, the property will offer over 41,000 sq ft of grade-A office space across larger than average floorplates for the area, ranging from 6,800 sq ft to 13,500 sq ft.
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 sq ft ground floor unit will continue to be occupied by live music venue and restaurant, the Blues Kitchen.
Michael Elliott and Ellis Brown acted for the seller, while Compton acted for Aviva.
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