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Aviva fund acquires central London apartment hotel asset for £150M

Aviva Investors Global Services Ltd. acquired the freehold for a central London apartment hotel scheme that is expected to open at the start of 2020 for £150 million, propertyfundsworld reported.

The 22-story tower on Commercial Road in Aldgate will provide about 190 apartments and facilities including a gym, cafe, private restaurant, bar, and coworking members club with a garden and terrace. The asset, acquired by the Lime Property Fund, will be operated under The Gate brand, the report said.

Aviva Investors also struck a deal with the London Borough of Barking and Dagenham to lease the property following the renovation and for the freehold to transfer to the borough at the expiry of the lease for a nominal value, according to the report.