The £346 million purchase price of Aldgate Tower, reflecting a net initial yield of 4.9%, marks the successful conclusion of the sole selling mandate won by Cushman & Wakefield.
Aldgate Tower is the iconic, Wilkinson Eyre designed building which was completed in 2015 and symbolises the wider regeneration of the Aldgate area. Adjacent to a new public park, Aldgate Tower benefits from proximity to first-class amenities and a panoramic view of the City of London.
- 325,000 square feet over 17 storeys
- 94% let - 20,000 square feet ( 2 x 10,000 sq ft unit on levels 7 and 13)
- Current tenants include Aecom, Uber, WeWork, Tag, Ince & Co and Maersk
- Brookfield plan to activate the main office reception area with art installations, new furniture and a higher provision of services for existing and future tenants
- Aldgate Tower is located in the City of London on the corner of Leman Street and Whitechapel High Street.
The acquisition was completed on 22 April 2016. Brookfield will become responsible for asset management of the building, including leasing efforts.
"The acquisition of Aldgate Tower reflects Brookfield's commitment to London as a leading global centre for business," said Martin Jepson, President and COO of Brookfield's UK Office Division. "Our existing credentials and knowledge of the market allow us to draw upon our deep relationships with the institutional investment community to create significant value for our investors and partners. The pace at which the building was let is a testament to the quality of the space. We look forward to working with China Life to further position Aldgate Tower as a leading commercial development."