Union Investment has invested €500m to buy the yet-to-be London headquarters of telecommunications group BT from Aldgate Developments.
The manager said it has acquired the One Braham office tower in Aldgate on behalf of its open-ended real estate funds UniImmo Deutschland and UniImmo Europa.
Martin Schellein, the head of investment management Europe at Union Investment Real Estate, said: “In recent years, the micro-location has developed into a mixed-use neighbourhood with around-the-clock feel, thanks to the arrival of companies from the TMT sector, the construction of various new residential and hotel properties, and a large influx of food and beverage offerings.
“The City is also investing significant sums in transport infrastructure and improvements to the public realm.”
Schellein said the building, completed in October 2020, is fully let to the BT, which will base its new headquarters here. The office tower offers 32,000sqm of rental space across 19 floors.
Niall Molloy, managing director of Aldgate Developments said: “Union Investment couldn’t have chosen a more exciting location in London, a conclusion also arrived at by BT Group, who chose One Braham as their new corporate global headquarters.
“We are very proud to have been associated with it, and look forward to exciting challenges ahead.”
To read the digital edition of the latest IPE Real Assets magazine click here.