Friday, 20 February 2015
AXA Real Estate acquires 22 Bishopsgate, London EC2 (UK)
AXA Real Estate Investment Managers (“AXA Real Estate”), the leading real estate portfolio and asset manager in Europe, announces that it has exchanged contracts, on behalf of an international consortium of investors, to acquire 22 Bishopsgate, London EC2 (formerly known as The Pinnacle) from Pinnacle No 1 Limited to develop a new building partnering Lipton Rogers Developments.
In the all-equity transaction, AXA Real Estate, acting as development & asset manager, on behalf of the international consortium of investors, has retained Lipton Rogers as developer. The consortium intends to develop a new landmark tower, designed by leading architects PLP, at the heart of the City of London, close to Liverpool Street Station. The new tower will provide over 1 million ft² (approx. 92.903 m²) of prime offices, including retail as well as restaurant and bar space. There will be a public viewing gallery at the top of the building.
A planning application for the new 22 Bishopsgate tower will be submitted within the next few months. Construction is expected to commence by the end of 2015 with completion scheduled for the end of 2018.
AXA Real Estate, on behalf of the investors’ consortium, is advised by JLL and CBRE advised Pinnacle No 1 Limited.
Anne Kavanagh, Global Head of Asset Management & Transactions at AXA Real Estate, commented: “The acquisition of 22 Bishopsgate represents a significant opportunity to purchase a prime office development site at one of the most desirable office locations in the City of London. Our experience of underwriting development opportunities and putting together international investor clubs has been pivotal to bringing a transaction of this size and complexity together.”
Sir Stuart Lipton, Partner of Lipton Rogers, said: “We are now delighted to be partnering with AXA Real Estate having worked on 22 Bishopsgate with PLP Architects and WSP for over three years. We have developed an innovative design for an exceptional office tower with art and character, shaped to respect views of the City and designed to be more than an office building with social amenity spaces, restaurants, bars and retail units as a new vertical City campus reflecting the City’s ever changing consumer base."