A unit of AXA’s property division AXA Real Estate Investment Managers has signed a £300m deal to buy 22 Bishopsgate, London, to develop the Pinnacle tower.
AXA Real Estate has bought the site near Liverpool Street station on behalf of an international consortium of investors from Pinnacle No 1 to redevelop the building, which was stalled in 2012 after construction started in 2008.
AXA Real Estate will act as development and asset manager for the consortium and retain Lipton Rogers as developer for the project.
The consortium plans to turn the Pinnacle skyscraper into a landmark tower in the heart of the London, designed by PLP architects.
The new tower will create more than one million ft2 of office space with retail sections, restaurants and bars, while the top of the building will feature a public viewing gallery.
AXA Real Estate global head of asset management and transactions Anne Kavanagh said: "The acquisition of 22 Bishopsgate represents a significant opportunity to purchase a prime office development site at one of the most desirable office locations in the city of London.
"Our experience of underwriting development opportunities and putting together international investor clubs has been pivotal to bringing a transaction of this size and complexity together.
Canadian engineering consulting firm WSP has been selected to work with PLP Architecture to provide a range of consultancy services, including structural, building services and fire engineering; acoustics, transport and logistics, waste, façade access, energy and sustainability and security services.
Lipton Rogers partner Sir Stuart Lipton said: "We are now delighted to be partnering with AXA Real Estate having worked on 22 Bishopsgate with PLP Architects and WSP for over three years.
"We have developed an innovative design for an exceptional office tower with art and character, shaped to respect views of the city and designed to be more than an office building with social amenity spaces, restaurants, bars and retail units as a new vertical city campus reflecting the city’s ever-changing consumer base."
Pinnacle No 1 will retain an interest in the top floors of the building with separate ground floor access to develop leisure facilities.
Singapore sovereign wealth fund Temasek will be AXA Real Estate’s main project partner. It will be Temasek’s second attempt to invest in London property after investing more than £175m in MidCity Place project.
Image: An artistic impression of Bishopsgate Tower. Will Fox.