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Brexit Worries Drive Starwood To Sell Stake In Planned London Tower

Aldgate Tower, London

Wary that Brexit will hurt demand for office space in London — the second top premium office market in the world — Starwood Capital Group is in talks to sell its stake in a London tower that's under development.

Starwood will sell its interest in London’s One Braham to joint venture partner Aldgate Developments for roughly $75M, according to people familiar with the deal, forcing Aldgate to find another investor to help fund the 18-story building. This would have marked the second property the two firms built together, the first being Aldgate Tower (above), which the two built and leased to Uber Technologies and additional tenants, Bloomberg reports. The deal follows Starwood’s announcement last week that it’s acquiring Milestone Apartments REIT for $1.3B, adding 24,000 new apartment units to its portfolio. [Bloomberg