Union Investment has acquired the One Braham office building from Aldgate Developments.
The purchase is split evenly between open-ended real estate funds UniImmo: Deutschland and UniImmo: Europa. The purchase price is more than €500m.
Niall Molloy, Managing Director of Aldgate Developments said: “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. 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 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.