Aldgate Developments and HK firm to buy One Braham

Aldgate Developments has agreed a deal to buy a £65m office development scheme in east London with the backing of a Hong Kong investor, Property Week understands. The joint venture partners have entered into exclusive talks to buy One Braham, located next to Aldgate Tower in Aldgate, from Starwood Capital. Aldgate Developments already held a small stake in the development site with Starwood, but the US private equity firm decided to sell its interest due to concerns over Brexit’s impact on the London market. Starwood instructed Cushman & Wakefield and Eastdil Secured earlier this year to market the development opportunity for £65m. The redevelopment of One Braham, which will total 320,000 sq ft, had just started in the weeks before the EU referendum and ground to a halt following the result. The Aldgate Developments and Starwood JV had previously built out the next door Aldgate Tower and fully leased it to tenants including Uber Technologies before selling it to China Life and Brookfield for £346m in April 2016. It is thought Aldgate Developments and the Hong Kong vehicle plan to get on with the construction of the building on a speculative basis as soon as the deal completes.