AXA Real Estate acquires £300m office development at King’s Cross Central
AXA Real Estate Investment Managers, acting on behalf of its client, has created a 50:50 joint venture partnership with a large third party international client to forward commit to purchase a 398,000 square foot office development in King’s Cross, London, from developer BNP Paribas Real Estate.
The scheme comprises an 11 storey building providing c. 398,000 sq ft of high quality Grade A office space, which is c. 55 per cent pre-let to BNP Paribas’ subsidiaries on a 15 year lease.
The scheme also offers c. 13,000 sq ft of retail and café space as well as storage facilities and accommodation for a fitness centre. Construction of the building, which will achieve a BREAAM Excellent sustainability rating, is expected to commence at the beginning of 2013, with delivery in Q4 2014.
The scheme forms part of the 67 acre King’s Cross Central development which expects to deliver eight million sq ft (743,200 sqm) of mixed use space into this important Central London district and is the largest regeneration project in Europe.
The scheme will benefit from its close proximity to the major transport hub of King’s Cross and St.Pancras, providing easy access to six tube lines, national railways and the Eurostar.
BNP Paribas Real Estate will be letting agents.
Anne Kavanagh, global head of asset management at AXA Real Estate, said:
“This acquisition demonstrates our ability to find value in the competitive London market and confirms our ability to source investment opportunities around which we can establish joint ventures between our clients.”