LCN Capital Partners Acquires British Telecommunications Plc Regional HQ in Bristol, UK

Newly-Built Building A on the Assembly Bristol development will serve as a regional headquarter office for British Telecommunications Plc

Building A of Assembly Bristol

New York, USA & Bristol, UK – August 16, 2021 – LCN Capital Partners (“LCN”), a private real estate investment firm and a recognized leader in the primary corporate sale-leaseback and build-to-suit markets, today announced the completion of its acquisition of Building A of Assembly Bristol from AXA IM Alts, a global leader in alternative investments with c. €162 billion of assets under management(1). This world-class commercial office building will be home to British Telecommunications Plc’s (“BT”) regional headquarter office. BT is a British multinational telecommunications company that operates in 180 countries.

The Assembly Bristol property is a landmark, waterfront office development in the heart of Bristol, and has been developed by AXA IM Alts on behalf of clients. Building A, which totals 200,000 sq. ft. of Grade A accommodation, has been pre-let to BT for a period of 20 years. The building has been developed to achieve a BREEAM Excellent rating and WiredScore platinum certification in line with its high sustainability and technological specifications, respectively. Overlooking Bristol’s famous Floating Harbour, it will also be seeking a WELL certification.

Edward LaPuma, a co-founder of LCN Capital Partners, said: “We are very pleased to have completed this acquisition for our third European Fund. The transaction reflects our diligent investment ethos of partnering with best-in-class occupiers and developers delivering the best quality real estate across Europe. The UK remains a key market for us, and we look forward to growing our investment base in the market going forward.” This acquisition marks LCN’s sixth UK investment.

Ward Stocker, a European Managing Director at LCN Capital Partners: “We have been active throughout 2020 and 2021 across the UK and Europe, and our latest acquisition in Bristol is a prime example of our commitment to deliver the best long-term investments to our investors. We are happy to have worked with the fantastic team at AXA IM Alts on this project and look forward to a fruitful long-term partnership with BT.”

Graeme Paton, BT’s Managing Director of Property and Facilities Services, said: “Our new buildings will bring our people together in an impressive and modern environment, transforming the way we work. Excitingly, they will become strategic locations for BT in the UK with a considerable increase in the number of colleagues based there. We hope our colleagues will be inspired by the new spaces, which will give them the tools and environment to be able to thrive. We’re modernising the way we work as a business by simplifying our products and processes, moving to the latest IT platforms, and investing in future-fit workspaces. Our move to Assembly Bristol is part of this modernisation process. Our Assembly Bristol building will boast panoramic views over the floating harbour and across the city, as well as incorporating outstanding design features, including rooftop terraces and exceptional communal spaces.”

Axa Investment Managers were advised by Savills and CMS and LCN Capital Partners were advised by Gerald Eve and Greenberg Traurig.

About British Telecommunications Plc

BT is a communications services company and a provider of UK’s telecommunications infrastructure. BT is engaged in fixed-voice services, broadband, mobile, and television products and services. In addition, BT offers various communications services ranging from phone and broadband to managed networked information technology (IT) solutions and cybersecurity protection. The company reported over £22 billion in revenue over 2020, employs over 105,000, and operates in 180 countries. For more information, please visit:

About LCN Capital Partners

Founded in 2011 by Edward V. LaPuma and Bryan York Colwell, LCN has in excess of $5 billion in assets under management on a U.S. Dollar denominated basis, across its three U.S. Dollar denominated funds and three Euro denominated funds. The LCN team has collectively completed more than 250 sale-leaseback and build-to-suit investments exceeding $12 billion in cost. Headquartered in New York, NY, LCN also has offices in London, Amsterdam, Cologne and Luxembourg.

LCN Capital Partners is a recognized leader in the primary sale-leaseback and build-to-suit markets. In these primary markets, investments and leases are originated and negotiated directly with the corporate users of mission critical real estate.  LCN delivers a long-term solution for its tenant-clients by providing a non-bank capital resource, efficient monetization of on-balance sheet real estate, continued operational control of key assets, enhanced financial metrics, and potential tax benefits. LCN’s investing partners benefit from the long-term and inflation protected distributions that the LCN Funds provide. For more information, please visit: 

1) AXA IM Alts unaudited data as of March 2021

Media Contacts:

For LCN:
Kevin FitzGerald
Gasthalter & Co.
(212) 257-4170


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