BNP Paribas Real Estate sells the forward funding of its King’s Cross Scheme to AXA Real Estate for c. £300m
BNP Paribas Real Estate has sold its office building next to Saint Pancras station to AXA Real Estate via a forward funding for c£300m. The building was designed by Jean-Michel Wilmotte and will be developed by BNP Paribas Real Estate Property Development UK.
The project comprises offices and ground floor retail of 37,000 sq m. The scheme will benefit from its close proximity to the major transport hubs of King’s Cross and Saint
Pancras, providing easy access to six tube lines, national railways and the Eurostar.
The property will be developed to the highest environmental standards (BREEAM Excellent) and specification. Work is due to start prior to year end with final completion towards the end of 2014. Approximately 50% of the space will be occupied by BNP Paribas’ subsidiaries, including BNP Paribas Real Estate UK as their new HQ.
“With Kings Cross, BNP Paribas Real Estate, who is the market leader for office development in France, has pre-sold its first UK development. This iconic 11 storey
office building will be our showcase building in the UK and further demonstrates our wish to reinforce and expand our United Kingdom operations”, said Philippe Zivkovic, Executive Chairman of BNP Paribas Real Estate.
BNP Paribas Real Estate was advised on the purchase of the site and the disposal of the forward funding by its UK transaction teams. The vacant office space will be marketed by its Central London leasing team, by the end of the year.