Asset management and real estate experts Axa Real Estate, have consolidated a deal to rejuvinate a London office tower development that was stopped due to the recession.
The company’s investment manager stated that it has now got a group of investors worldwide that will support the development, 3 years after the original plans disintegrated.
Approximately £400 m had been invested in the development by Brookfield Multiplex. This amount settled a legal case with the development’s previous owners in 2013.
Brookfield Multiplex had signed a building contract for £575 m for what would have been a 63- storey development.
Axa Real Estate has now agreed to a new construction partnership with Lipton Rogers Developments who will begin their work on the project later this year.
Global head of asset management and transactions at Axa, Anne Kavanagh, stated that the development has “enormous potential”, adding, “the acquisition represents a significant opportunity to purchase a prime office development site at one of the most desirable office locations in the City of London.”
The building, first proposed back in 2001, is set to be completed towards the end of 2018. The building is located at 22 Bishopsgate, and boasts 1 million square feet of internal office space.
By: Kirsty MacGregor
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