BC Partners replaces JTRE on purchase of Aldgate office development site

BC Partners has stepped in to buy an Aldgate office development site after a previous deal with Slovakia’s JTRE collapsed. The site, at 60 Aldgate, which is being sold by 4C Hotel Group and Transport for London, has planning permission for a 14-storey, 220,000 sq ft office building. It is located on 4C’s 500,000 sq ft Minories Estate scheme, EC3, where the firm is transforming the existing 16 Minories into a Canopy by Hilton hotel and delivering a 15-storey residential building to provide 87 homes. The entire scheme has a gross development value of £300m. EG revealed that JTRE had walked away from its acquisition of 60 Aldgate due to complications around the structuring of the deal, having agreed to buy the site for more than £45m in July. The firm had beaten off competition from more than 10 other bidders, including Lincoln Property, Nuveen, Landsec, Helical and Great Portland Estates. Last year, EG revealed that BC Partners had entered the UK market with the acquisition of Wingate House, W1, alongside operating partner Seaforth Land. The purchase from West Ham co-owner David Sullivan’s business Conegate was for its pan-European real estate fund. Charles Tutt, principal at BC Partners Real Estate, told EG at the time that the property platform, launched in May 2018, would be looking to invest further in London, as well as other gateway cities across Europe. Allsop is advising 4C Hotel Group and Transport for London. BC Partners declined to comment. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette Photo courtesy of Future54