Union Investment has purchased the One Braham office tower, the future British Telecom headquarters, in London from developerAldgate Developments for more than €500 million.
Union Investment said 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, and benefits from excellent transport links. The building is situated close to Aldgate East underground station and is within walking distance of London’s cluster of new skyscrapers.
The Grade A office tower in London was completed in October 2020 and offers 32,000 sq m (net) of rental space across 19 floors.
The building’s highlights include two spacious terraces on the 15th and 17th floors with spectacular views of the Tower Cluster, and an atrium that extends over parts of the 14th to 17th 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.
“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,” said Martin Schellein, head of Investment Management Europe at Union Investment Real Estate GmbH.
”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,” he added.
“I’d like to pay tribute to our outstanding team who have helped create this fantastic building, in this strategic location at the heart of the new Aldgate. Union Investment couldn’t have chosen a more exciting location in London, a conclusion also arrived at by The 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,” said Niall Molloy, Managing Director of Aldgate Developments.
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.