Aviva Investors funds Central London green office redevelopment

Aviva Investors has committed over £37 mln (€42 mln) in green loan financing for the redevelopment of an office building at 95 New Cavendish Street in Fitzrovia, Central London. 

Sima Kotecha

This investment of Aviva's global asset management arm was made through their Multi-Sector Private Debt Long-Term Asset Fund (LTAF).
The project, managed by AEW with LBS Properties as Development Manager, will create over 2,044 m2 of office space. The redeveloped building aims to achieve high sustainability and connectivity standards, targeting an EPC 'A' rating, BREEAM 'Excellent' certification, and Wiredscore Gold for digital connectivity.
The Aviva Investors Multi-Sector Private Debt LTAF is designed for defined contribution (DC) pension funds seeking to diversify their investments beyond traditional assets like public equity and fixed income. The fund aims to build a varied portfolio, including opportunities in Real Estate Debt, Infrastructure Debt, Structured Finance, and Private Corporate Debt.
This financing for the New Cavendish Street project expands Aviva Investors' existing portfolio of Central London office investments, which includes development schemes in both the City of London and the West End.
Sima Kotecha, head of High Yield Strategies, Real Estate Debt, at Aviva Investors, said: “We are very pleased to extend our existing relationship with AEW and to provide financing towards what is an ambitious redevelopment scheme in the heart of Central London. This is a terrific example of how we are helping the commercial real estate sector get ready for the future, by funding the retrofitting and futureproofing of existing building stock. It also shows how, through our private debt LTAF, we are able to support a broader range of activities by our borrower clients, whilst also providing our investors with the benefit of greater risk and return diversification within their private debt portfolios.”