Union Investment has acquired the One Braham office tower in London from the developer/investor Aldgate Developments for over €500 mln.
The purchase is split evenly between open-ended real estate funds UniImmo: Deutschland and UniImmo: Europa.
One Braham is located in the heart of Aldgate, on the eastern fringe of the City of London. The building is situated close to Aldgate East underground station and is within walking distance of London’s cluster of new skyscrapers.
‘In recent years, the micro-location has developed into a mixed-use neighborhood with a ‘round-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,’ commented Martin Schellein, head of Investment Management Europe at Union Investment Real Estate. ‘The building is fully let to the British Telecommunications (BT) Group, which will base its new headquarters here, thus underscoring the company’s long-term commitment to the area.’
The Grade A office tower, which was completed in October 2020, offers 32,000 m2 (net) of rental space across 19 floors. The ground floor accommodates two retail spaces, a delivery area and a two-storey reception area that can be accessed from Braham Square to the north and Leman Street to the east. The basement is home to storage facilities, 450 cycle stands, changing rooms, 49 showers and 504 lockers. The office building has a BREEAM Excellent sustainability rating and has been awarded a Wired Score platinum rating for its digital infrastructure.
Union Investment was advised on the acquisition by Savills, on legal aspects by BCLP, on tax matters by EY and on technical aspects by Drees & Sommer. Aldgate Developments and their private Hong Kong Investors were advised on the sale by Cushman & Wakefield, Gowling WLG and Clyde & Co.
