AXA Real Estate Investment Managers (“AXA Real Estate”), the leading real estate portfolio and asset manager in Europe1, with over €42 billion of assets under management as at September 2012, announces the topping out of Sixty London, a 215,000 sq ft, prime City of London Grade A office development which is scheduled for completion in summer 2013. The building is currently being developed by AXA Real Estate’s pan-European development fund, Development Venture III, which held its final close in December 2011 having raised €588.5 million of total equity.
The Kohn Pederson Fox designed scheme, set out over nine office floors, is being constructed by Balfour Beatty and is targeting a BREEAM2 ‘Excellent’ rating. The development also includes 20,000 sq ft of retail and restaurant use which has been partly pre-let to Drake & Morgan, the London based bar and restaurant group behind award winning locations including The Anthologist and The Refinery. The venue will trade over three floors and its entrance will be in the fourth Gatehouse on Holborn Viaduct, which is being rebuilt by AXA Real Estate to its original Victorian design.
Sixty London benefits from excellent transport links and local amenities, making it appealing to a wide range of potential occupiers. With access to four underground lines and the mainline rail network, it is the only new London development within 20 minutes from London’s busiest mainline railway stations, including King’s Cross St Pancras, Victoria, London Bridge, Euston, Liverpool Street, Waterloo and Paddington. All five of London’s airports are also within an hour’s reach. It is opposite the City Thameslink station and two minutes walk from Farringdon, which, upon the introduction of Crossrail, will become one of London’s busiest transport nodes. It is also just five minutes’ walk from the new shopping centre at One New Change.
AXA Real Estate has been extremely active in development projects across Europe and has managed investments, on behalf of its clients, into over 250 projects since 2000 with a combined gross development value exceeding €8 billion. Leveraging from this wide ranging expertise, AXA Real Estate continues to be heavily active in the European development market and currently manages on behalf of its clients development projects, across all asset types, with a value in excess of over €4 billion as at September 2012.
Harry Badham, AXA Real Estate’s UK Director of Development at, commented: “The topping out of Sixty London demonstrates how far the development has progressed since we acquired the scheme last year. The quality of the architecture and finishes are testament to the skill of our design and contractor team in creating what will become a very special London landmark office building.”
Source: AXA Real Estate