French property company BNP Paribas Real Estate has entered the UK residential market with the purchase of the Parker Tower site in London’s Covent Garden.
French property company BNP Paribas Real Estate has entered the UK residential market with the purchase of the Parker Tower site in London’s Covent Garden.
The site, acquired from a consortium of private investors for an undisclosed sum, currently houses an office building with planning permission to convert it to flats.
BNP Paribas plans to build a residential scheme of around 60 apartments, which are due to be completed by the end of 2017.
The acquisition comes shortly after BNP Paribas' property development arm completed its first UK project at London's King’s Cross, which was sold to a joint venture of AXA REIM and a pension fund and has been fully let to Google.
