AXA Real Estate has reportedly joined forces with developer Lipton Rogers and Singapore’s Temasek Holdings to table a £300 mln (€407 mln) offer for the Pinnacle site in London.
AXA Real Estate has reportedly joined forces with developer Lipton Rogers and Singapore’s Temasek Holdings to table a £300 mln (€407 mln) offer for the Pinnacle site in London.
According to a report in the Financial Times, the consortium is poised to sign a deal which will allow construction to proceed on the site, set to become home to London's tallest skyscraper.
The previous owners, Arab Investments, Saudi Arabian fund Sedco and Kuwaiti fund Wafra, bought the site eight years ago from Union Investment Real Estate for around £200 mln. They had planned to build a 64-storey tower on the site before running into financing difficulties during the credit crunch.
The three partners brought in Canadian property company Brookfield in 2011 to build the project but became embroiled in a legal battle over non-payment of fees.
AXA’s planned scheme is set to be 60 storeys high and will officially be called 22 Bishopsgate, according to the FT. The consortium aims to complete the tower by 2018.
The deal is Temasek’s second London real estate acquisition following the purchase of a 50% stake in MidCity Place last summer for £175 mln.