KKR’s second European real estate fund is funding a speculative 110,000sqft office project in London being developed FORE Partnership.
Ethical investor and developer FORE said the KKR Real Estate Partners Europe II fund has made a majority investment in TBC.London, the office development next to Tower Bridge. Financial details were undisclosed.
KKR’s investment will fund the transformation of an existing 1990s building to create TBC London, a project expected to complete in the first quarter of 2024.
Basil Demeroutis, manager partner of FORE Partnership, said: “TBC London is an exemplary new type of work environment, set to drive positive, systemic change by linking together social and environmental outcomes, which in turn are deeply linked to positive physical and mental wellbeing among our tenants and the wider community.
“TBC London will appeal to the new generation of occupiers who understand that a workspace is about much more than just desks and is a crucible of the culture and values of a business. The building has attracted global institutional capital, reinforcing our belief in the strength of the London office market and that this is exactly the kind of building that London needs now.”
Charles Tutt, director and head of UK real estate at KKR, said: “This investment aligns strongly with our thematic conviction in high-quality office space, our strategy of working with leading developers, and our commitment to sustainable development.
“We see strong demand from businesses for modern and sustainable office space which meets their evolving needs and we look forward to working alongside FORE to deliver this innovative and well-located development into the London market.”
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