AXA delivers City boost by recommitting to 22 Bishopsgate

By James Buckley - Wednesday, October 26, 2016 18:01

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AXA Investment Managers - Real Assets has opted to press ahead with construction of 22 Bishopsgate, the 1.4m sq ft tower project that was at risk of being shelved in the immediate aftermath of the UK’s vote to leave the European Union.

The investor said the commitment to the development demonstrated the consortium’s confidence in its appeal to international and domestic occupiers, as well as its location with the City of London, “one of the leading global centres for international business, notwithstanding the current uncertainties created by the EU Referendum”.

AXA, together with its development partner Lipton Rogers, expects 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 Bishopsgate will be home to 12,000 people working within the building.

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.”

jbuckley@costar.co.uk

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