The British Airways New Airways Pensions Scheme (NAPS) has partnered with Singapore sovereign wealth fund GIC to develop a life science real estate project in the UK’s capital.

BlackRock Alternatives Real Estate, which acts as the outsourced chief investment officer for British Airways Pensions, said NAPS and GIC have teamed up to develop Tribeca King’s Cross with Reef Group.

Tribeca, located next to Regent’s Canal in the Knowledge Quarter, will feature laboratory workspace, retail, restaurants, and 69 residential units across five buildings. The first phase of development of Tribeca King’s Cross is already underway and is expected to complete in November 2023.

Paul Tebbit, the head of EMEA and global CIO of core real estate, Blackrock Alternatives Real Estate, said: “It is incredibly exciting to be involved in a development of this calibre, in the heart of London’s King’s Cross, which also harnesses state-of-the-art technology to aid decarbonisation efforts. This showcases the team’s ability to bring together significant development partnerships on behalf of our clients.”

Stewart Deering, chief executive at Reef Group, said: “Tribeca is set to be a fantastic new ecosystem, providing state-of-the-art, purpose-built laboratories, in response to the growing demand for lab and workspace at the heart of the talent cluster.

“King’s Cross has undergone a complete transformation into a hub of innovation and creativity. This transaction will enable the delivery of this ambitious project and contribute to the dynamic life sciences sector in London.”

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