The Weekly Wrap
The Aldgate Garden
Garden project’s completion date is in our sights after several years of major
construction in the area. The spectacular garden has begun to shape Portsoken into becoming home
to one of the largest open spaces in the Square Mile.
The City of London Corporation made the decision to improve the new
square and allow it to significantly improve the public realm around Aldgate.
The previously traffic heavy area, along with the gyratory has been replaced by
a community-led open garden and future social hub. The Portsoken Pavilion in
the middle of the garden, with its UFO like design is to host a new community
café run by Kahaila, a not-for-profit
charity fighting for social justice for marginalised groups of women whose
profits go back to charity.
Credit (Suisse) where it’s
Investment bank Credit Suisse looks set to continue its
recent spate of purchases by making a move for Procession House, according to a
Procession House, 55 Ludgate Hill, EC4 is a City of London
office building which has been highly-sought after following a bidding process
that proved very competitive. The building consists of 105,000 sq ft of office
and retail space. The office space in the building is let to a single tenant,
Goldman Sachs, until 2024.
LGIM Real Assets, the current owner of the building, has
according to the report accepted an offer from Credit Suisse Asset Management
Global Real Estate to purchase the office building for just under £70 million.
The building has only been on the market since February 2018
and received a number of bids which were above the £67.5 million asking price,
which reflected a capital value of £641 per sq ft and a net initial yield of
The purchase underpins Credit Suisse’s commitment to London
following earlier purchases including the Monument Building, EC3 in February
2018 for £118 million and agreement to buy 11 Pilgrim Street, EC4 at the end of
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