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AEW buys in London

The Paris-based property manager AEW Europe has made its fifth purchase for its European Property Investors Special Opportunities fund, which raised €800m last year.

AEW Europe has continued to invest its €800m European value-added and opportunistic fund buying an office in central London for £67 million (€72 million; $98 million).

The Paris-based firm, which is ultimately owned by French banks Banque Populaire and Caisse d’Epargne, said in a statement that European Property Investors Special Opportunities had bought the long lease to City Place House, a core London office in the financial district.

The property was bought from PRUPIM, the property investment division of UK insurer Prudential. PRUPIM is also one of the tenants in the building which has an average unexpired lease length of more than seven years.

It is the second time that AEW’s new fund has acquired property from PRUPIM. Its debut deal was with the same counterparty last year when it acquired a mixed retail, office and logistics property portfolio in the UK with investment partner, Mountgrange Investment Management, based in London.

AEW Europe is a subsidiary of Natixis Global Asset Management, which in turn is owned by owned Banque Populaire and Caisse d’Epargne.