AXA REIM and Favermead team up in UK office development

AXA Real Estate Investment Managers (REIM) has announced that its Development Venture III fund (DVIII) has entered a partnership with Favermead to speculatively develop 60 Holborn Viaduct.

The Grade A office building will be one of the few developments in the City of London that will be ready for occupation before the end of 2013. Planning consent has been granted for the new 215,000 sq ft office building, located in the City of London, and the old Bath House building has already been demolished. The new scheme, designed by Kohn Pederson Fox Associates, will deliver Grade A office accommodation, with completion due in the first half of 2013.

This deal is the first UK transaction for AXA Real Estate’s DVIII fund which was launched in July this year following a first close of EUR 230 mln. DVIII invests across Europe, making use of the specialist local development expertise in AXA Real Estate’s teams in the UK, France, Italy, Spain and Germany.

AXA REIM is Europe's leading real estate manager and the second-biggest globally with EUR 39.5 bn of assets under management. Favermead is the property company of billionaire art collector and philanthropist Professor Nasser D. Khalili.