Derwent London has exchanged contracts to buy the freehold of Aldgate Union in London's Whitechapel High Street E1, from the Royal Bank of Scotland for £132 mln (€185 mln).
Derwent London has exchanged contracts to buy the freehold of Aldgate Union in London's Whitechapel High Street E1, from the Royal Bank of Scotland for £132 mln (€185 mln).
Aldgate Union sits on a one acre site and comprises a substantial eight-storey office building totalling 255,000 sq ft (23,700 m2) over ground, seven upper floors and two lower ground floors.
The building will be bought with vacant possession in December 2015, and at a price that reflects a capital value of £518 per sq ft.
The property is currently occupied by RBS and was comprehensively refurbished in 2008.
John Burns, Chief Executive Officer, commented: 'Although soon to be vacant the building is in good condition and we expect to quickly re-let it on a multi-occupier basis after modest refurbishment. As with most of our recent purchases this property offers significant longer term regeneration opportunities and adds to our future development pipeline.'
