Yoomata Aldgate Property checks in to GPE’s Corner Hotel

London-based property company Great Portland Estates (GPE) is selling the Corner Hotel (Challenger House) and adjacent land in Whitechapel, East London, for £42 mln (€50 mln). 

Challenger House

The buyer is Yoomata Aldgate Property, a joint venture between French real estate firms Euragone Investment Management and Mata Capital. 
The hotel, which includes 180 rooms, a restaurant, and a bar, sold for slightly more than its book value.
GPE plans to reinvest the proceeds into its development projects.
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.”
GPE retains ownership of the neighbouring 6,958 m² Hickman office building, which was acquired along with Challenger House in 2017 for a combined £49.6 mln (€59.1 mln).
Yoomata plans to redevelop the acquired site and eventually operate it as a Yooma Urban Lodge, a mid-to-high-end hotel brand for families and groups, currently operating in Paris and Brussels. The hotels offer rooms accommodating two to six people. 
Yoomata, backed by Paris-based investment firm Mata Capital, aims to expand this brand across major European cities.