KKR has taken a majority stake in Fore’s Tower Bridge office scheme, TBC.London.
Construction will soon start on the 110,000 sq ft speculative scheme, which will transform the 1990s-built Tower Bridge Court, SE1, into an all-electric, net zero and BREEAM Outstanding workspace.
The investment was made through the $2.2bn (£1.7bn) KKR Real Estate Partners Europe II fund, and will pay for Fore’s business plan and the delivery of the project, which is expected to complete in Q1 2024.
Charles Tutt, head of UK real estate at KKR, said: “This investment aligns strongly with our thematic conviction in high-quality office space, our strategy of working with leading developers, and our commitment to sustainable development.
“We see strong demand from businesses for modern and sustainable office space which meets their evolving needs and we look forward to working alongside Fore to deliver this innovative and well-located development into the London market.”
Fore is a certified B Corporation and has made an industry-leading commitment to achieve net zero carbon by 2025, five years ahead of the wider industry target set by the World Green Building Council and well in advance of the UK’s 2050 goal.
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Fore managing partner Basil Demeroutis said: “TBC.London is an exemplary new type of work environment, set to drive positive, systemic change by linking together social and environmental outcomes which, in turn, are deeply linked to positive physical and mental wellbeing among our tenants and the wider community.”
He added that it would “appeal to the new generation of occupiers, who understand that a workspace is about much more than just desks and is a crucible of the culture and values of a business”.
The existing five-storey building will be stripped back and refurbished, preserving the embodied carbon in the frame. The approach reflects Fore’s retrofit-first commitment. Two floors will be added, with a third additional floor set back from Tower Bridge to create a terrace and club room. All tenants will have direct access to outdoor space through terraces, balconies, and gardens.
Demeroutis said KKR’s investment was “reinforcing our belief in the strength of the London office market and that this is exactly the kind of building that London needs now”.
TBC.London will also create space where social enterprises and community groups can come together with tenants to build stronger relationships within the local area. To bolster this the ground floor will incorporate a flexible, 3,000 sq ft multi-use space that will be available for community uses.
Fore and KKR were advised by CBRE and RX London.
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