Aviva Investors acquires Hoxton office for Climate Transition Real Assets Fund

(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), announces that it is has acquired Curtain House, a multi-let office building in Hoxton, London N1, which represents the first investment made by its recently launched Aviva Investors Climate Transition Real Assets Fund (“CTRAF” or the “Fund”). 

A short walk from Old Street’s Silicon Roundabout, Curtain House is a Grade II listed, five storey Victorian warehouse building in the heart of Shoreditch, London’s hub for technology businesses and the creative industries. With five London Underground and mainline stations within a 10-minute walk, including the new Elizabeth Line at Liverpool Street station, the property offers excellent connectivity to local and national travel networks.

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 million in avoided energy costs for occupiers, whilst also contributing to an 18 per cent 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 sq ft of Grade-A office space across larger than average floor plates 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 Blues Kitchen, a landmark restaurant and bar, renowned for its live music performances.

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.

George Fraser-Harding, Fund Manager at Aviva Investors, commented:

“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. With the built environment responsible for a significant portion of UK emissions, it is imperative that existing building stock is brought up to today’s exacting standards through retrofitting energy-efficient technologies, leading to an overall reduction in carbon from the sector.”

Launched in July this year, Aviva Investors’ Climate Transition Real Assets Fund aims to provide investors with exposure to a diversified portfolio of climate-focused solutions across European real assets, as well as the decarbonisation of existing real estate assets.

For more information contact:

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James Morgan

Media Relations Manager

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Steve Ainger

Head of Media Relations

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Key risks

The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested. Where funds are invested in real estate / infrastructure, investors may not be able to switch or cash in an investment when they want because real estate/infrastructure may not always be readily saleable. If this is the case we may defer a request to switch or cash in units. Investors should also bear in mind that the valuation of real estate is generally a matter of valuers’ opinion rather than fact.

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The information within this document is based on our current understanding of taxation and is not to be construed as investment, legal or tax advice. The basis and rates of tax may change in the future. Some of the information within this document is based upon Aviva Investors estimates. These should not to be relied on by anyone else for the purpose of making investment decisions. This document should not be taken as a recommendation or offer by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.

The Aviva Investors Climate Transition Real Assets Fund is a sub-fund of the Aviva Investors Funds ACS and is categorised as a Non-UCITS retail scheme operating as a fund of alternative investment funds.

Aviva Investors Funds ACS (AIF ACS) is an umbrella structure comprising different Sub-funds and taking the form of a co-ownership scheme. As a consequence of this, the Fund may be treated as tax transparent for the purpose of income and /or gains by relevant taxing jurisdictions. The Prospectus and the annual and half-yearly reports are prepared for the umbrella. The Fund is a non-UCITs retail scheme operating as a FAIF. This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. Aviva Investors UK Fund Services Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority.

Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund. The assets of the Fund are beneficially owned by the unitholders in the Fund as tenants in common and must not be used to discharge any liabilities, or meet any claims against, any person other than the unitholders in the Fund.

Further information about the Fund including other unit classes and dealing can be found in the Prospectus, available in English, and also in the latest annual and half-yearly Report and Accounts (English only) which are available free of charge from our website, www.avivainvestors.com.

The SICAV-RAIF umbrella consists of the following funds: UK Real Estate Sub Fund, EUR Real Estate Sub Fund, UK Infrastructure Sub Fund, EUR Infrastructure Sub Fund. The SICAV-RAIF is a Luxembourg special limited partnership established under the RAIF Law and accordingly is not subject to supervision by any Luxembourg supervisory authority. Accordingly, units are reserved to Institutional Investors and Well-Informed Investors who are aware of the risks attaching to an investment in a fund investing in direct or indirect interests in real estate. The Prospectus or Offering Memorandum (as relevant) of Aviva Investors funds are available together with the Report and Accounts free of charge by contacting us at the address below.

Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. Registered Office: St Helens, 1 Undershaft, London, EC3P 3DQ. Authorised and regulated by the Financial Conduct Authority.

Aviva Investors

Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £366 billion in assets as at 31 December 2020.

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