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Axa poses question to financial backers over 22 Bishopsgate construction

The main investor behind 22 Bishopsgate will ask its remaining backers whether they want to go ahead with the construction of the scheme after the EU referendum vote.

According to Bloomberg, Axa Investment Managers-Real Assets will give the project’s co-investors three options regarding the site: start construction this year as planned; delay; or sell it.

However, sources have told Bloomberg that the latter option is the least likely.

The other investors backing the scheme include Singaporean Temasek Holdings Pte, Canada-based Public Sector Pension Investment Board, and British Columbia Investment Management Corp.

If the investors opt to go ahead with construction this year, the contract could be signed as early as October, according to Bloomberg.

AXA IM-Real Assets chief executive Pierre Vaquier told Bloomberg ahead of the vote to leave the EU on 23 June that he was awaiting the outcome of the referendum before deciding on whether to proceed with the tower.

22 Bishopsgate is being developed in partnership with Lipton Rogers, with Brookfield Mulitplex attached to the project through a preconstruction service agreement.

The project replaced the previous Pinnacle scheme, for which construction began in 2008 before being suspended in 2012 due to the downturn.

The new designs include a 278 m-tall tower – 10 m lower than the previously approved scheme – with 130,000 sq m of office space.

An AXA IM-Real Assets spokesperson said: “We remain committed to the site, we are continuing to work and we are considering all our options.”

CN Summit

Hear from 22 Bishopsgate designer, PLP Architecture founding partner Karen Cook, who will be speaking at CN’s Summit this October.

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