Starwood Capital has put GBP 200m into a major office development in the City of London under development by the Irish-based Aldgate Developments. The Independent reports that the company is controlled by Oisin Quinn and Paul Molloy and that the 317,000 sq ft building is planned to rise 18 storeys on Whitechapel High Street. Pre-leases are understood to be in place, with discussions reportedly underway with Uber and BSkyB. Starwood European Finance revealed in a stock market announcement that its loan is intended to “support the acquisition and stabilization through lease-up of the property”. The deal allows the developer to pay back a GBP 85m loan from Helios Capital and GWM Capital along with roughly GBP 25m in fees and interest.
