AXA Investment Managers - Real Assets to proceed with landmark 22 Bishopsgate development in London
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), the leading real estate portfolio and asset manager in Europe(1), announces that, on behalf of a consortium of international investors, it will continue construction of 22 Bishopsgate (“22”) in the City of London.
The commitment to 22 demonstrates AXA IM - Real Assets’ and the consortium of international investors’ confidence in how appealing this highly progressive c.1.4 million sqft (c.128,000 sqm) development will be to all types of international and domestic occupiers. This confidence is based on the unique and broad range of amenities and types of space that 22 will offer, as well as its prime location in the City of London, as one of the leading global centres for international business, notwithstanding the current uncertainties created by the EU Referendum.
AXA IM - Real Assets, together with its development partner Lipton Rogers, expect to finalise the appointment of a contractor for the main build of the tower within the next few weeks, with work due to commence thereafter. Significant preparatory works have already been undertaken on the site, including substantially completing the foundations and ground works, which utilised those from the previous unfinished development, to allow for an accelerated construction timetable, with a target completion date of 2019.
On completion, 22 will be a new model and standard for workplace design and management, with the objective of meeting emerging occupier needs for greater space, adaptability, productivity and employee satisfaction. The building, designed to appeal to a broad range of occupiers, will offer extensive amenities and spaces for meeting as well as shared work environments, including an innovation centre that will support progressive new City businesses. A wide range of services, new technologies and events will serve the community of over 12,000 people working within 22.
Plans include dedicated areas for leisure, health and wellbeing. In line with AXA IM - Real Assets’ ambition to be a globally sustainable business, notably by targeting 75% of total direct property under management to be certified with reputable sustainability labels by 2030, 22 is the first UK building to apply for the Delos WELL Building Standard. This certification recognises the impact that buildings have on the health of their occupiers.
Pierre Vaquier, CEO of AXA IM - Real Assets, said: “Our ongoing commitment to 22 Bishopsgate reflects our firm belief, and that of our clients and partners, in this development project, aligned to the fact we are taking a long term view of this investment. The decision to proceed underscores our confidence in the progressive and attractive development that we will deliver at 22, coupled with the anticipated breadth of demand from local and global occupiers for easily accessible space in a prime location in the City of London, as one of the leading global centres for international business, that will respond to their future business needs.”
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1) Source: IP Real Estate Top 100 Investment Management Survey – Nov/Dec 2015
AXA Investment Managers – Real Assets
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