Yoomata Aldgate Property has acquired Challenger House in Whitechapel London.
The joint venture between Euragone Investment Management and Mata Capital paid Great Portland Estates £42 million for the asset - also known as The Corner Hotel - together with a plot of undeveloped land.
Located on 42 Adler Street, Challenger House comprises 180 rooms alongside a ground-floor restaurant and bar. The building adjoins office building The Hickman, which remains under control of Great Portland Estates. The property development and investment company purchased both assets in 2017 for £49.6 million.
Yoomata is planning to redevelop the site with a view to eventually operating it under the Yooma Urban Lodge brand, a concept which it plans to establish in major European cities.