Royal Bank of Scotland is close to putting one of its office buildings in Aldgate up for sale, as it looks to cut costs and tap into booming demand for property in London’s Tech City area.
The bank has lined up agents at DTZ to sell Aldgate Union on Whitechapel High Street, with offers expected to start at around £90m, City A.M. understands.
It bought the 225,000 square feet building in 2005 for £70m and spent around £85m refitting it in 2008.
RBS plans to halve its London portfolio to around 1m sq ft as it consolidates its operations. Its buildings include 250 Bishopsgate, which it inherited from its purchase of ABN Amro, and 135 Bishopsgate.
London’s thriving tech sector has led to a resurgence in building activity to the east of the city, with developers scrambling to cash in on the demand for space. Aldgate in particular has become a hotspot for financial technology (Fintech) firms.
RBS declined to comment.