Irish developer and investor Aldgate Developments has received a £200 million cash injection for their 317,000 sq. ft Aldgate Tower project.
The investment comes from U.S. private equity firm, Starwood, and will be used to refinance the London office space and pay off current loans of £85 million – plus interest and fees of around £25 million – to Helios Capital and GWM Capital. Starwood capital stated that their investment and assistance “will support the acquisition and stabilisation through lease-up of the property.” The tower is projected to be worth around £200m upon its completion.
Aldgate Tower was initially unveiled in 2013, and was scheduled for completion last year, but has faced several delays. The 18 story build at 10, Whitechapel High Street has confirmed it’s first formal tenancy agreement with global brand servicing agency, TAG Worldwide. The company has agreed on 40,000 sq. ft of space, with companies BSkyB, Uber and Maersk Group in talks for 30,000, 40,000 and 20,000 sq. ft of office space respectively.
The area in East London is considered an upcoming hub for new digital and creative businesses, similar to Shoreditch’s rise to prominence half a decade ago.
Aldgate Developments are are also planning a 24 story residential led tower comprising of flats, retail and office space close to Aldgate Tower.
By: Kirsty MacGregor
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