Aldgate Developments and HK firm to buy One Braham
25th May 2017
Aldgate Developments has agreed a
deal to buy a £65m office development scheme in east London with the backing of
a Hong Kong investor, Property Week understands.
The joint venture partners have
entered into exclusive talks to buy One Braham, located next to Aldgate Tower
in Aldgate, from Starwood Capital.
Aldgate Developments already held
a small stake in the development site with Starwood, but the US private equity
firm decided to sell its interest due to concerns over Brexit’s impact on the
Starwood instructed Cushman &
Wakefield and Eastdil Secured earlier this year to market the development
opportunity for £65m.
The redevelopment of One Braham,
which will total 320,000 sq ft, had just started in the weeks before the EU
referendum and ground to a halt following the result.
The Aldgate Developments and
Starwood JV had previously built out the next door Aldgate Tower and fully
leased it to tenants including Uber Technologies before selling it to China
Life and Brookfield for £346m in April 2016.
It is thought Aldgate
Developments and the Hong Kong vehicle plan to get on with the construction of
the building on a speculative basis as soon as the deal completes.