A China Life and Brookfield joint venture has completed the acquisition of Aldgate Tower
, E1, for £346m – a net initial yield of 4.9%.
The pair have bought the 325,000 sq ft building from Starwood Capital-backed Aldgate Tower Investments, which speculatively developed the 17-storey tower last year.
Tenants at the tower include Uber, WeWork, Tag, Ince & Co, Aecom and Maersk. It is 94% let, with just 20,000 sq ft available on levels 7 and 13.
Brookfield plans to partially refurbish the main office reception area with art installations and new furniture.
Martin Jepson, president and chief operating officer of Brookfield’s UK office division, said: “The acquisition of Aldgate Tower reflects Brookfield’s commitment to London as a leading global centre for business.”
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