EUROPE - BNP Paribas Real Estate has sold the forward funding of an asset in London's Kings Cross to an AXA joint venture created for the purpose.
The €300m transaction, announced Tuesday, involves the redevelopment of a mixed-use office and retail asset close to a transport hub in Europe's largest regeneration project.
BNP Paribas' subsidiaries - including its UK real estate business - will occupy 55% of the space.
The French bank's developer subsidiary will carry out the work starting the end of this year, with completion scheduled for the end of 2014.
AXA said the 50/50 joint venture with an unnamed third-party international investor demonstrated its "ability to source investment opportunities around which we can establish joint ventures between our clients".