Aviva buys London apartment scheme on behalf of Lime Property Fund

Aviva’s global asset management arm Aviva Investors has acquired a 22-story central London apartment hotel scheme on behalf of its £2.3 billion ($2.8 billion) Lime Property Fund.

The building is valued at £150 million ($184 million), according to media sources.

The tower property is located within Zone 1 on Commercial Road, Aldgate. It will feature 190 apartments, along with a gym, café, private restaurant, bar and co-working members club with a garden and terrace.

The asset will be operated under “The Gate” brand and is expected to be available at the beginning of 2020.

Launched in 2004, the fund is a long-income real estate fund that invests in real estate across the United Kingdom with a diverse mix of property types and occupiers. The value-add fund is targeting investments that provide inflation-linked or fixed-rental uplifts let to strong tenants on leases of at least 15 years, according to Aviva. It also invests in properties before they h