Axa invests in King’s Cross offices – Times
Axa is to invest nearly £320m into the development of a new office property in King’s Cross, according to the Times.
The paper reports that Axa Real Estate has agreed to forward-fund the construction of the 11 storeys of office space at King’s Cross Central, the major scheme next to St Pancras International rail station, and then to buy the building. Half of the property will be let to BNP Paribas.
The deal is one of the largest forward-funding transactions agreed since the downturn, the paper says, and will be seen as a sign of confidence in the future demand for office space to let in London – as there will still be more than 200,000 sq ft of offices to let in the building, in addition to the BNP Paribas letting, once the property is complete. The deal also highlights how King’s Cross is becoming established as an office district in the capital.
The King’s Cross Central scheme will regenerate a 67-acre site and comprise 8m sq ft of residential property, office space, and retail premises, as well as leisure and educational facilities. It is being developed by Argent, London & Continental Railways and DHL. It has already attracted major tenants such as Central St Martins College and the Aga Khan Foundation, the Times reports, while Google has signed an exclusivity agreement and is in talks with Argent about creating a 725,000 sq ft new headquarters at King’s Cross.
