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AEW buys in London suburb

The Paris-based firm has made its sixth acquisition for its European Property Investors Special Opportunities (EPISO) Fund.

Paris-based AEW Europe has made its sixth purchase on behalf of its European Property Investors Special Opportunities (EPISO) Fund purchasing an office building in Wimbledon, London, from PRUPIM, the property investment division of Prudential.

AEW has bought Wimbledon Bridge House, an office building and car park of 168,000 square feet for £40 million ($66.8 million; €45.7 million), a deal reflecting a net initial yield of 10 percent.

The building is let to six tenants including Wandsworth Primary Care Trust and retailers WH Smith and Next. The weighted average remaining lease on the property is six years.

Ric Lewis, chief executive of Tristan Capital Partners, a management firm external to AEW Europe which manages the EPISO fund, said: “The historically low pricing in the UK, combined with our access to equity and senior debt, means we are well placed to take advantage of the large number of attractive opportunities in this market.”

He said: “We will continue to look for further strategic investments in the UK to meet the return targets of our funds.”