AEW Europe has bought a mixed use building in Wimbledon from PRUPIM for £40m – a net initial yield of 10%.
The company said the purchase was made for its €600m European Property Investors Special Opportunities Fund, which is targeting the UK.
It is the fund’s sixth purchase in the UK.
The site, Wimbledon Bridge House, includes 168,000 sq ft of office space, as well as four retail units and a multi-storey car park.
Rob Reiskin, AEW Europe’s head of investments said: “We feel very comfortable with the pricing on this transaction given its high initial yield and significant discount to replacement cost.”
AEW Europe said it was working with Bellhouse Joseph to implement the asset management strategy for Wimbledon Bridge House. Strutt & Parker advised AEW on the purchase.
