Axa Real Estate Investment Managers has confirmed that it will forward-fund a King’s Cross office scheme with a joint venture partner in a £300m deal.
Insurer Axa will fund the development of the 398,000 sq ft grade-A office development, which is to be the new office of BNP Paribas.
The building will be developed by BNP Paribas Real Estate Property Development UK.
Axa is working in a 50:50 partnership with an unnamed partner.
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.”
sophia.furber@estatesgazette.com
