Commercial Finance Specialists

A joint venture partnership has been announced for a major office development project in Central London.

AXA Real Estate Investment Managers, MGPA and Eurohypo are set to engage in a joint partnership to develop 6 Bevis Marks, a major new 160,000 sq. ft office development situated between Liverpool Street and Aldgate in the heart of the city.

Construction is expected to commence at the beginning of 2012. The scheme will eventually comprise 160,000 sq. ft of Grade A office space, together with 12,000 sq. ft of retail space at ground floor level. The development is expected to be completed by the autumn of 2013 and will benefit from close proximity to the transport infrastructure at Liverpool Street, where a new Crossrail terminus will be open in 2017.

AXA Real Estate and MGPA have acquired the site on a 50:50 basis. Eurohypo, lenders to the previous site owners, will provide development funding towards the expected £115 million total property development cost.

AXA Real Estate's Opportunities Fund II, which invests in high potential real estate assets, debt and equity, will have completed its investment phase by the project completion. MGPA's investment, meanwhile, has been made on behalf of its Europe Fund III, a private equity fund with equity commitments of €841.5 million that holds residential office and retail assets in five countries across Europe.

AXA Real Estate is an AXA Investment Managers Company, and is within a group declaring assets worth €79 billion. MGPA manage approx. $11 billion in assets across Europe and Asia.