Fidelity buys London office for climate fund

Fidelity International has bought 99 Queen Victoria Street, EC4, from WeWork’s property arm for a new climate impact fund.

The acquisition is the first purchase of the firm’s recently new fund Fidelity European Real Estate Climate Impact Fund. The fund is classed as Article 9 under the Sustainable Finance Disclosure Regulation.

The 85,971-square-foot building comprises five stories of office space plus a basement with parking. Construction began in the summer of 2002 and was completed in August 2004.

“While investors can buy new assets built to higher environmental standards, the biggest scope for achieving impact lies in the buildings that exist today, most of which are expected to still be around by 2050. Refurbishing and retrofitting these buildings can both reduce the carbon footprint o