Great Portland Estates (GPE) has agreed a deal to sell Challenger House in London’s Whitechapel, together with a plot of undeveloped land, for £42m to Yoomata Aldgate Property – a joint venture between Euragone Investment Management and Mata Capital.
Challenger House, which is also known as The Corner Hotel, is a 74,000 sq ft hotel providing circa 180 en-suite guest rooms, a ground floor restaurant and a bar.
GPE acquired the building and the adjoining 74,900 sq ft The Hickman office scheme in 2017 for £49.6m.
Hugh Morgan, director of investment management at GPE, said: “The sale of Challenger House allows us to crystallise our returns and reallocate capital from a non-core asset into our substantial development pipeline, which is rich with opportunities.”
