As part of its focus on expanding recurring income in global gateway cities, CDL has completed the acquisition of a prime freehold Grade A commercial building, Aldgate House, in London for £183 million (approximately S$328 million).

The project is strategically located in the heart of Aldgate, one of London’s most vibrant districts, and is bounded by Aldgate High Street, Middlesex Street and St Botolph Street. Home to major occupiers from a diverse sector base including financial, fintech, insurance, legal, cultural and creative companies, the vibrant Aldgate district is also emerging as the heart of Digital London. The presence of healthtech companies is expected to increase with plans to develop a world-class life sciences research facility in the vicinity.

Enjoying excellent transportation connectivity, the property is right beside the Aldgate Underground Station. Six other Underground Stations – Aldgate East, Fenchurch Street, Liverpool Street, Tower Gateway, Tower Hill and Whitechapel – are within a five-minute walk, providing easy access to the West End, Midtown and Docklands districts, as well as the National Rail network and London’s main airports. The Elizabeth Line, London’s new high-speed railway due for completion in 2018, is also accessible via the Liverpool Street and Whitechapel Crossrail Stations. It will increase the capacity of connectivity in Central London by 10%, bringing a further 1.5 million people to within 45 minutes commute of Central London.

Mr Frank Khoo, CDL Group Chief Investment Officer, said, “A key focus for CDL is to grow our recurring income significantly over the next 10 years through acquisitions and organic growth which will help to mitigate the volatility of development projects. This acquisition will enhance CDL’s recurring income portfolio. We see tremendous potential in this prime commercial building and we continue to believe that London will remain as a global financial hub.”