Slovakia’s JTRE has dropped its plans to buy an Aldgate office development site for more than £45m.
It is understood that the structuring for the deal for 60 Aldgate became complicated, leading to disagreements.
JTRE had previously gone under offer on the site close to Aldgate Underground station in July, as revealed by EG, having beaten off competition from more than 10 other bidders.
The vendors of the site, 4C Hotel Group and Transport for London, are expected to go back to the underbidders, which included Lincoln Property.
The site has planning permission for a 14-storey, 220,000 sq ft office building.
It is located on 4C’s 500,000 sq ft Minories Estate scheme, EC3, where the firm is turning the existing 16 Minories into a Canopy by Hilton Hotel and delivering a 15-storey residential building to provide 87 homes. The entire scheme has a gross development value of £300m.
Allsop is advising 4C Hotel Group and Transport for London.
JTRE declined to comment. 4C Hotel Group and TfL have been contacted for comment.
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