Union Investment pays €500m for London office tower

Union Investment has acquired the One Braham office tower in London from the developer/investor Aldgate Developments. The sales price was €500 million ($610 million).

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.

“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 Schellei