Union Investment acquires future British Telecom headquarters in London

Union Investment has acquired the One Braham office tower in London from developer/investor Aldgate Developments. The purchase is split evenly between the open-ended mutual property funds UniImmo: Deutschland and UniImmo: Europa. The purchase price amounts to more than 500 million euros.

One Braham is located in the heart of Aldgate, on the eastern edge of the City of London. The building has excellent transport links, is immediately adjacent to Aldgate East Underground station, and within walking distance of The City of London's Tower Cluster.

"In recent years, the micro-location has developed into a mixed-use neighborhood with a ‘round-the-clock’ feel, thanks to the relocation of companies from the TMT sector, a cluster of new residential and hotel buildings, and a large influx of food and beverage offerings. The City is also investing heavily in transport infrastructure and improvements to the public realm," says Martin Schellein, head of Investment Management Europe at Union Investment Real Estate GmbH. "The building is fully leased to The BT (British Telecommunications) Group, which will move into its new global corporate headquarters in One Braham, demonstrating its long-term commitment to the location."

Completed in October 2020, the Grade A office tower has 19 floors with a lettable area of around 32,000 m² (net). Highlights of the building include two spacious terraces on the 15th and 17th floors with spectacular views of the Tower Cluster, as well as an atrium that extends over sections of the 14th to 16th floors. The Ground Floor includes two retail spaces, a delivery area, and a two-story reception area accessible from Braham Park to the north and Leman Street to the east. The basement includes storage areas, 450 bicycle parking spaces, locker rooms, 49 showers and 504 lockers. The office building has achieved BREEAM "Excellent" sustainability certification. The digital infrastructure has been awarded the Wired Score "Platinum" certificate.

Niall Molloy, Managing Director of Aldgate Developments said: “I’d like to pay tribute to our world class team who have helped create this fantastic building, in this strategic location at the heart of the new Aldgate. The area has developed enormously in our time here, and we have often referred to One Braham as ‘the final piece of the jigsaw’ in the Aldgate story. 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.”

Union Investment was advised on the purchase by Savills, legal counsel was BCLP, tax counsel EY, and technical counsel was Drees & Sommer. Aldgate Developments and their private Hong Kong Investors were advised on the sale by Cushman & Wakefield, Gowling WLG and Clyde & Co.