Goldman Sachs Asset Management has acquired a majority stake in a London office project being developed by sustainable real estate developer EDGE.
EDGE said it has teamed up with the real estate arm of Goldman Sachs to develop EDGE London Bridge, an office tower which will be partly constructed in cross-laminated timber. Construction is scheduled to start later this year with completion expected in mid-2025.
The site for the 260,000sqft of office project was originally secured by EDGE on a subject-to-planning basis in June 2019.
Goldman Sachs is investing an undisclosed sum for a 75% stake in the EDGE London Bridge development.
EDGE specialises in developing sustainable, office assets that make extensive use of smart technologies. The company and Goldman Sachs have both have worked together in the Netherlands on a number of projects since 2013.
The EDGE London Bridge development will be the companies first UK joint venture.
Fons van Dorst, executive managing director UK at EDGE, said: “We are delighted to continue our longstanding partnership with EDGE to deliver one of London’s most ambitious and sustainable ground-up office developments, leading the way on both embodied carbon and in-use energy consumption.
Chris Semones, a managing director in the real estate business within Goldman Sachs Asset Management, said: “We believe EDGE London Bridge will set a great example in the market and prove attractive to ESG focused tenants and ultimate investors alike, which in turn will drive strong investment performance for Goldman Sachs and our clients.”
To read the latest edition of the latest IPE Real Assets magazine click here.
