Aviva Investors has acquired a £150m (€167.8m) central London apartment scheme for its secure long income real estate fund.

The asset manager’s Lime Property Fund has bought the 22-storey tower located on Commercial Road, Aldgate.

The asset will provide 190 apartments alongside facilities including a gym, café, private restaurant, bar and co-working members club with a garden and terrace.

The asset, which will be operated under The Gate brand, is expected to be ready for guests at the beginning of 2020, the manager said.

Launched in 2004, the Lime Property Fund is a secure long income real estate fund with a net asset value of in excess of £2.3bn. The fund targets property investments that provide inflation-linked or fixed rental uplifts let to tenants on leases of over 15 years, cross-sector, UK wide.

Aviva Investors said it has also agreed with the London Borough of Barking and Dagenham to lease the asset once the fit-out process has been completed, with the freehold transferring to the Borough at the expiry of the lease for a nominal value.

Mark Wells, director, real estate origination, Aviva Investors, said: “This income-strip deal should generate a significant income stream for the Borough on a strong asset, whilst also providing our pension fund clients with consistent, long-term income in a sector that continues to demonstrate sound fundamentals.

“The transaction is aligned to the Lime Property Fund’s strategy of acquiring robust assets that benefit from the presence of a high-quality tenant, which we believe will provide investors with consistent, inflation-linked performance over the long term.”

Councillor Cameron Geddes, cabinet member for regeneration and social housing, said: “In Barking and Dagenham, we’re finding innovative ways to support the funding of vital services for our residents.

”This investment is much-needed and supports our ambition to use opportunities for growth and investment while maintaining services for our most vulnerable residents.”