AXA unit indicators first tenant for tallest City of London constructing

LONDON (Reuters) – Insurer Hiscox (HSX.L) is the primary company to join house in City of London tower Twentytwo, taking a 19-year lease over three flooring of the constructing, lead investor AXA Investment Managers – Real Assets stated on Monday.

FILE PHOTO: A common view of the AXA IM – Real Assets Twentytwo constructing in London, Britain April 20, 2018. REUTERS/Darren Staples/File Photo

French insurer AXA’s (AXAF.PA) actual property funding arm briefly put the 62-storey constructing, which would be the tallest within the so-called Square Mile space, on ice after Britain’s vote to go away the European Union in 2016, however resumed work later that 12 months.

The constructing at 22 Bishopsgate, which analysts estimate will price greater than 1 billion kilos to assemble, is because of be accomplished in late 2019, AXA IM – Real Assets stated in a press release.

The agency is co-investing within the constructing, which business sources stated is taken into account a wager on London’s actual property market after Brexit, with Singapore’s Temasek Holdings and Canada’s Public Sector Pension Investment Board, based on a supply conversant in the matter.

A spokesman for the company declined to remark.

Hiscox has taken round 7,000 sq. meters over the eighth, ninth and 10th flooring, with an choice for additional house, on a lease expiring in 2037, AXA IM stated. It didn’t give monetary particulars of the transaction.

Harry Badham, UK growth director for AXA IM – Real Assets, stated the agency hoped to announce additional tenants “in the near future”.

CBRE and JLL acted for the Twentytwo constructing and BH2 acted for Hiscox, AXA IM stated.

Reporting by Carolyn Cohn in London and Esha Vaish in Stockholm; Editing by Kirsten Donovan

Our Standards:The Thomson Reuters Trust Principles.

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