Aviva Investors has formed a joint venture partnership with Allianz, managed on its behalf by Allianz Real Estate, as part of its ongoing development project of new mixed-use retail and office buildings at 1 Liverpool Street and 101 Moorgate in the City of London.
The partnership will see the firms develop the two buildings, with a gross development value (GDV) of approximately £500 mln (€600 mln), which bookend the eastern and western entrances of the new Elizabeth line station at Liverpool Street station.
The tie-up follows a development agreement originally entered into by Aviva Investors with Transport for London (TfL) in 2019.
On completion, 1 Liverpool Street will provide 176,000 ft2 (16,350 m2) of leasable office and retail space, spread over the ground and upper ten floors. Meanwhile, 101 Moorgate will comprise over 73,000 ft2 of office and retail space over its ground and six upper floors.
the two sites will be developed with a focus on environmental and sustainable credentials, targeting BRREAM ‘Outstanding’ rating, whilst also meeting Carbon Risk Real Estate Monitor’s (CRREM) decarbonisation pathway requirements and being compliant with EU Taxonomy.
This is in line with Aviva Investors’ commitment to reach net zero across the entirety of its real assets platform by 2040, and Allianz Real Estate’s target of reducing carbon emissions across its portfolio by 25% by 2025 whilst being carbon net-zero by 2050.
James Stevens, 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 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. This will make 1 Liverpool Street and 101 Moorgate buildings of the highest quality for their occupants and a further facilitate a move towards a lower-carbon future.'
Kari Pitkin, 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.'
