Impact investor Bridges Fund Management and UK developer HUB have acquired a £39 million (€44.6 million) commercial building in London to be repurposed into a residential scheme.
The firms have acquired the 150 Minories building in Aldgate in a deal that represents the 12th for the pair and is the latest project as part of the office-to-residential repurposing strategy developed by the partnership’s HubCap platform.
HubCap’s strategy is to revitalise underutilised areas of cities by identifying and converting suitable sites. The platform aims to introduce a more diverse mix of uses, especially housing, in city centres.
HubCap currently has five projects under development between London and Edinburgh with a combined gross development value of £330 million.
Source: realassets.ipe.com on the 10th of November