AXA IM keen to build second City skyscraper
AXA has said it will consider building another skyscraper in central London, if the opportunity arose.
Pledging to spend more on UK property, as part of plans to redress a post-Brexit imbalance in its portfolio, AXA IM’s global head of real estate assets, Isabelle Scemama, has said that another 22 Bishopsgate was not a remote possibility.
Speaking at MIPIM, she said: “Letting 62 storeys in the centre of London, with Brexit and then Covid — it’s bad luck for an office building of that size. But it’s 80% let and continues to generate traction.
AXA has said it will consider building another skyscraper in central London, if the opportunity arose.
Pledging to spend more on UK property, as part of plans to redress a post-Brexit imbalance in its portfolio, AXA IM’s global head of real estate assets, Isabelle Scemama, has said that another 22 Bishopsgate was not a remote possibility.
Speaking at MIPIM, she said: “Letting 62 storeys in the centre of London, with Brexit and then Covid — it’s bad luck for an office building of that size. But it’s 80% let and continues to generate traction.
“The lesson is that, whatever the backdrop, there is a lack of these types of prime premises that can accommodate the needs of tenants.”
When asked whether she would want to take on a similar project, she said: “Yes, we could.”
AXA owns about £8bn of property in the UK, from skyscrapers to shopping centres. Of its wider European portfolio, Scemama said its exposure to Britain was “underweight”, in part because of the uncertainty created by Brexit. However, she expected that to be rebalanced over the coming years as the investment powerhouse steps up its spending in the country.
The Times (£)
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