LONDON--Derwent London PLC (DLN.LN) said Monday it has exchanged contracts to buy the freehold of Aldgate Union, Whitechapel High Street E1, from the Royal Bank of Scotland PLC (RBS.LN) for 132.0 million pounds ($204.7 million).

The building will be bought with vacant possession in December 2015, and at a price that reflects a capital value of GBP518 per sq ft, the commercial real estate said.

The property is currently occupied by RBS and was comprehensively refurbished in 2008.

Derwent shares at 0810 GMT up 58 pence, or 1.64%, at 3598 pence valuing the company at GBP4.0 billion.

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

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