Gowling WLG advises on the c.€500 million sale of BT's London HQ

3 minute read
28 May 2021

International law firm Gowling WLG has advised Aldgate Developments on the sale of the One Braham office development, to Union Investments for a purchase price in excess of €500 million. The transaction is the largest single property sale in the UK to date this year.

Aldgate Developments is a leading developer and owner of major commercial office buildings in Central London and Dublin.

One Braham is wholly let to BT plc on a 15 year lease and BT is expected to complete its move into the building by the end of 2021. The 18-storey commercial building in Aldgate was completed in October 2020 and provides c.340, 000 sq. ft. of office accommodation with retail units on the ground floor. The scheme adopts a contemporary office feel with exposed ceilings and integrated retail at ground floor, whilst still boasting some of London's finest views, and considerable floorplate efficiencies.

The sale follows Gowling WLG's role advising Aldgate Developments on the 15-year lease of the One Braham office development to UK telecoms giant, BT, for its new Global Corporate Headquarters in 2019.

The transaction showcases the Gowling WLG's specialist cradle to grave service in commercial real estate developments and leasing projects.

The legal advisory team comprised of real estate partner Nick Mumby who was supported by Edmund Willis, Zoya Khan, Sumit Bhogal, Yasmin Samaroo and planning partner Ben Stansfield.

Commenting on the sale, Nick Mumby, Real Estate Partner at Gowling WLG said: "We are pleased to be working alongside Aldgate Developments on the last mile of this high-profile asset, following a decade long partnership through multiple stages of the project. The strength of our real estate team ensured a seamless delivery in accordance with our client's needs."

Niall Molloy, Managing Director at Aldgate said: "The sale highlights the resilience of strategically placed office assets. This is despite the market experiencing unprecedented change. It has been great to once again work alongside Nick and his team, who provided advice on not only the legal aspects but also the commercial and technical issues that came up."

Gowling WLG has a dedicated offices team with experience advising UK and overseas institutional investors, asset managers, developers, banks, public bodies and corporations in their HQ relocation projects, office pre-lets, investments, disposals, developments and general corporate real estate.

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