Allianz Real Estate and Aviva Investors have teamed up to develop two London office assets worth £500m (€582m).

The duo plan to complete the development of the 176,000sqft 1 Liverpool Street and the 72,600sqft 101 Moorgate Street assets by the fourth quarter of 2024.

The deal is part of Aviva’s ongoing development project of new mixed-use retail and office buildings at 1 Liverpool Street and 101 Moorgate in the City of London, following a development agreement the manager originally entered into with Transport for London in 2019.

James Stevens, the head of real estate investment at Aviva Investors, said: “The scale of development we are undertaking at Liverpool Street and Moorgate signals our continued commitment to the city and its long-term prospects. We are really pleased to be partnering with Allianz Real Estate, a firm which shares both our investment philosophy and our focus on sustainability.

”This joint investment will deliver an exceptional example of our development strategy in action. We have set stringent sustainability targets, aiming to lower ongoing energy needs through use of efficient materials and specific performance targets.”

Kari Pitkin, the head of business development Europe at Allianz Real Estate, said: “London is one of the world’s most dynamic cities and one of the most important office markets. This development will result in two exceptional office buildings in London.

“We strategically picked the micro-locations in the City of London with direct access to the Crossrail transport service as we continue to build up our London office portfolio.”

Nicole Pötsch, head of investment and strategic development for North & Central Europe at Allianz Real Estate, said: “Aviva Investors is a like-minded, long-term investor with a strong track record in development and we are delighted to be working with them on this core project.

“Working closely with Aviva Investors, we have been able to optimise the ESG profile of both buildings at a very early stage, focusing on underlying factors such as technology, energy usage and the ‘smart’ aspects of each asset so they meet the new needs of tenants.”

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