British Airways’ New Airways Pensions Scheme (NAPS) and Singaporean fund GIC have entered a joint venture to develop Tribeca King’s Cross, a life sciences development being delivered in conjunction with Reef Group in London’s so-called Knowledge Quarter.
Tribeca will feature laboratory workspace underpinned by retail, restaurants, and 69 residential units across five buildings.
Located next to Regent’s Canal, the development is within the city’s Knowledge Quarter at the convergence of four central London districts – Camden, King’s Cross, Euston, and Regent’s Park. It is designed to deliver a modern, flexible space where tenants can collaborate in a contemporary environment.
BlackRock acted on behalf of BA Pensions as their outsourced chief investment officer (OCIO).
Paul Tebbit, head of EMEA and global CIO of core real estate, Blackrock Alternatives Real Estate, commented: 'It is incredibly exciting to be involved in a development of this calibre, in the heart of London’s King’s Cross, which also harnesses state-of-the-art technology to aid decarbonisation efforts.
'This showcases the team’s ability to bring together significant development partnerships on behalf of our clients.'
Stewart Deering, chief executive at Reef Group commented: 'Tribeca is set to be a fantastic new ecosystem, providing state of the art, purpose-built laboratories, in response to the growing demand for lab and workspace at the heart of the talent cluster.
'King’s Cross has undergone a complete transformation into a hub of innovation and creativity. This transaction will enable the delivery of this ambitious project and contribute to the dynamic life sciences sector in London.'
The first phase of development of Tribeca King’s Cross is already underway and is expected to complete in November 2023.
