AXA Real Estate Investment Managers has teamed up with fund manager MGPA and German bank Eurohypo to bring forward the £115m development of a City scheme.
The joint venture has plans to develop 172,000 sq ft office and retail development at 6 Bevis Marks in the City.
AXA Real Estate, on behalf of its pan-European opportunity fund, Real Estate Opportunities Fund II, and MGPA have bought the site on a 50:50 basis.
Eurohypo, the lender to the previous owners of the site, will provide development finance towards the expected circa £115m total development cost, with equity being provided by AXA and MGPA.
Plans for the scheme, which will be located close
Construction is expected to commence at the beginning of 2012 with City Offices Real Estate (CORE) acting as development manager and, is expected to be delivered in the autumn of 2013 with a BREAAM ‘Excellent’ sustainability rating.
Following this, AXA Real Estate’s Real Estate Opportunities Fund II which invests in high potential real estate assets, debt and preferred equity has completed its investment phase.
MGPA’s investment has been made on behalf of its Europe Fund III, a private equity fund which holds office and retail real estate assets in five countries across
