AXA IM Alts has acquired 50 Fenchurch Street in London from The Clothworkers’ Company for a billion-pound office development project.

The asset manager, investing through its real assets arm, has agreed to buy the leasehold of the 1.2-acre site, home to the historic-listed Tower of All Hallows Staining and Lambe’s Chapel Crypt buildings.

As part of the plan to develop a 650,000sqft office on the site, AXA IM Alts said the two historic buildings currently on the site will be retained.

A new livery hall will also be delivered for The Clothworkers’ Company as part of the development.

IPE Real Assets understands that the total investment cost is expected to be over £1bn (€1.2bn).

Isabelle Scemama, the global head of AXA IM Alts and CEO of AXA IM Real Assets, said: “Since the pandemic there has been a pronounced increase in demand from occupiers for high-quality, sustainable and wellness-focused offices.

“We have seen this first hand at our flagship development 22 Bishopsgate which is now 80% let and expect this flight to quality to become even more acute over the coming years as businesses adapt to new working patterns. 50 Fenchurch presents us with another rare opportunity to secure a prime development site in the City of London, which we continue to believe is one of the most desirable office locations in the world.”

Clerk to The Clothworkers’ Company and CEO of The Clothworkers’ Foundation, Jocelyn Stuart-Grumbar, said the deal is part of the company’s long-term strategy for investing in the future of The Clothworkers’ Company and The Clothworkers’ Foundation.

“This scheme offers us the opportunity to unlock our assets and increase our charitable impact as we help our communities rebuild from the pandemic and secure our philanthropic legacy for the next 500 years.”

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