and Trilogy Real Estate have bought former London Metropolitan University buildings to refurbish into a higher education and workspace campus.
LaSalle and Trilogy said they have acquired 41-71 Commercial Road and the Met Works Building, in the Aldgate district of the London Borough of Tower Hamlets.
The site, which was acquired for an undisclosed sum, was bought from the Department for Education in a sale facilitated by the government-owned property company LocatED.
The acquisition was made 鈥漵ubject to more than 40% of the campus pre-leased to Nottingham Trent University鈥檚 Confetti Institute of Creative Technologies and Access Creative College, the new owners said.
Trilogy and LaSalle previously developed Republic, a mixed-use innovation campus in East India Dock in east London, providing courses for more than 3,350 students from four major UK universities.
Robert Wolstenholme, founder and CEO of Trilogy Real Estate, said: 鈥淭rilogy is delighted to be extending our partnership with LaSalle to bring a second major education campus to Tower Hamlets.
鈥漌e previously developed Republic, a 600,000sqft campus where education meets business, which demonstrated that London鈥檚 youngest and fastest growing borough is a great place to be training the talent of the future.鈥�
Chris Lewis, managing director of LaSalle鈥檚 value-add investments, said: 鈥淭his investment is a great example of LaSalle鈥檚 growing value-add Investments strategy focusing on creating urban higher education and science accommodation in major gateway markets.
鈥漌orking with Trilogy to secure pre-lets on over 40% of the space provides strong downside protection in this economic environment, and we are looking forward to working closely with Trilogy to replicate the success of our prior investment in East India Dock.鈥�
Craig Chettle, CEO of Confetti Institute of Creative Technologies, said: 鈥淲e鈥檙e excited to be working with LaSalle and Trilogy on creating a campus that will support our ambitious vision to shape the future creative and entertainment industries.
鈥淲orking closely with our partner, Nottingham Trent University, we look forward to working with businesses and the wider community in East London in preparing for our new students in 2023.鈥�
Jason Beaumont, CEO of Access Creative College, said: 鈥淎ccess Creative College has been educating young creatives in London for over 20 years and it鈥檚 an absolute pleasure to be able to announce our vision for the future.鈥�
To read the latest edition of the latest 91传媒在线 magazine click here.
