AXA Investment Management – Real Assets is preparing to ask its co-investors to decide on the future of 22 Bishopsgate, EC2.
According to Bloomberg, the lead investor of the 62-storey skyscraper will present its co-investors with three options: continue with construction later this year as planned; delay the scheme; or sell it. The last option would be the least likely option.
Speaking on June 28, AXA’s global head of asset management and transactions Anne Kavanagh said the company was “committed to the site” but confirmed that the construction contract had not yet been awarded.
She said: “We are in the process of working on the contract. It was not planned that we would place the contract by now so we are still working up with the construction team the final contract.
“And I think what I would say is we are committed to the site, we have got a team working on it, we have got a number of people on the site and at the moment.
“Following Friday [June 23], as with any investment, we will consider all our options. So again, too early to tell but we are continuing to work on the construction project and also the contract.”
Brookfield Multiplex is the appointed contractor on the scheme.
An AXA IM – Real Assets spokesman said: “We remain committed to the site, we are continuing to work and we are considering all our options.”
Co-investors of the Lipton Rogers-designed building include Singaporean Temasek Holdings Pte, Canada-based Public Sector Pension Investment Board and British Columbia Investment Management Corp.
A spokesman for Temasek declined to comment. PSP and bcIMG have not yet replied to requests for comment.
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