Chinese insurer to buy London office asset

Beijing-based China Life Asset Management, in a partnership with Toronto-based Brookfield Asset Management, is in contract to purchase Aldgate Tower in London for £350 million ($516 million). The seller is Molloy Properties.

Aldgate Tower, a new class A office building, totals 317,000 square feet spanning 10 stories and is 100 percent occupied. Major tenants include AECOM, Uber, WeWork, Tag Worldwide and Ince.

According to the recent survey by the Association of Foreign Investors in Real Estate, London remained the second-most-attractive market for foreign investors’ capital, after New York City.

The acquisition follows Brookfield’s recent purchase of a 15-property portfolio in Germany with its partner Korea Investment Corp.