BentallGreenOak brings fresh investors on board for Victoria office scheme
US property giant BentallGreenOak has teamed up with investors including Allianz and Canada’s Public Sector Pension Investment Board (PSP Investments) on its mammoth all-electric office scheme in Victoria.
The developer has secured a £400m loan to pay for the construction of the scheme, which promises to be one of London’s most sustainable buildings. Allianz provided around £200m of the financing.
PSP Investments, one of Canada’s largest pension investment managers, has co-invested alongside existing investors in the project, which is being brought forward via BentallGreenOak’s UK fund, Welput.
US property giant BentallGreenOak has teamed up with investors including Allianz and Canada’s Public Sector Pension Investment Board (PSP Investments) on its mammoth all-electric office scheme in Victoria.
The developer has secured a £400m loan to pay for the construction of the scheme, which promises to be one of London’s most sustainable buildings. Allianz provided around £200m of the financing.
PSP Investments, one of Canada’s largest pension investment managers, has co-invested alongside existing investors in the project, which is being brought forward via BentallGreenOak’s UK fund, Welput.
Designed by architects at Kohn Pederson Fox, the building at 105 Victoria Street, SW1, is London’s largest speculative office scheme since the start of the coronavirus pandemic, and will contain more than 450,000 sq ft of office space. That will include 5,500 sq ft of incubator and affordable space and more than 30,000 sq ft of retail space.
Ker Gilchrist, managing partner at BentallGreenOak, said the investments showed an “ongoing commitment to London and an absolute confidence in its future as a global hub”.
The building will be net zero in operation and in terms of embodied carbon. Welput said it would use ultra-low-carbon construction techniques in a bid to offset emissions within six years of the new building’s completion.
The scheme’s energy will be supplied from renewable sources, with no gas supply and no diesel generator on site. Developers hope it will get a 5.5* NABERS rating, a global benchmark measuring the operational energy use of offices.
Stéphane Jalbert, managing director and head of Asia-Pacific and European real estate investments at PSP, said: “This fossil fuel-free development aligns with PSP’s strategy to invest in sustainable buildings that have a positive impact on the community and better position our London portfolio for the future.”
Skanska was appointed as the main contractor on the project last week. Work is expected to start on site in July, with completion due for the second quarter of 2026.
CBRE and JLL have been appointed as commercial leasing agents for 105 Victoria Street.
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Photo © DBOX for BentallGreenOak
