Our Client Brookfield and China Life Has Secured a String of Recent Lettings at the City Building.
Uber has doubled the space it occupies at Brookfield Properties' and China Life's Aldgate Tower in a move that takes the City tower close to full occupancy.
The ride-hailing company has signed a 10-year lease on 60,000 square feet of offices across floors 13 and 15, up from 30,000 square feet. It means the tower is now 93.4% leased after 100,000 square feet of recent lettings, including 20,000 square feet to high-street retailer WH Smith and 20,000 square feet to accountant Gravitas.
Uber is advised by CBRE on its office occupancy. Ashwell London and Newmark BH2 advises our client, the landlords.
CoStar News reported last month that China Life and Brookfield may have to inject £62 million of fresh equity when refinancing the tower in London.
The pair have been given a six-month extension until 25 January 2025 on a £150 million securitised senior loan against the property as they need more time to refinance it, according to a stock exchange announcement. The senior loan also comprises a £42 million tranche outside the commercial-mortgage-backed security. China Life owns 90% of the tower and Brookfield the remaining 10%.
The property is let to various tenants, including BT and the UK Government’s digital service.
China Life and Brookfield completed the acquisition of the 330,000-square-foot 16-storey Aldgate Tower in 2016 from Starwood Capital for £336 million.
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