Goldman Sachs Investment Management has acquired a 75% interest in a major project to be developed opposite the southern entrance of the newly refurbished London Bridge station.
The scheme, Edge London Bridge, represents the first UK partnership for Edge and Goldman Sachs following a number of joint ventures in the Netherlands.
The site was originally secured by Edge on a subject-to-planning basis in June 2019. It has a planning consent for 260,000 sq ft (24,150 m2) of office space, designed by renowned London-based architecture firm, Pilbrow and Partners.
With an investment estimated in the range of €600 mln, the tower will be partly constructed in cross laminated timber, which offers a high level of flexibility for inter-connected floors and aligns with the ambition to achieve an exceptionally low whole life embodied carbon intensity of 650 kgCO2e/sqm which falls well below the RIBA 2030 Climate Challenge embodied carbon intensity target. In line with the United Kingdom Green Building Council’s (UKGBC) the project aims to achieve Net Zero Carbon status, focusing on carbon reductions first, secondly generating renewable energy onsite, and finally offsetting the remaining carbon emissions through a recognised offsetting framework.
The stand-out development will target both Breeam Outstanding, Well Platinum and Wired Platinum accreditations.
With Goldman Sachs and Edge as equity partners and committed development financing in place, construction is scheduled to start later this year with completion expected in mid-2025.
‘We are thrilled to partner with Goldman Sachs for this landmark project, and to continue on our mission to bring better buildings to more tenants and cities across the world,’ said Fons van Dorst, executive managing director UK at Edge.
‘We are delighted to continue our longstanding partnership with EDGE to deliver one of London’s most ambitious and sustainable ground up office developments, leading the way on both embodied carbon and in-use energy consumption. We believe EDGE London Bridge will set a great example in the market and prove attractive to ESG focused tenants and ultimate investors alike, which in turn will drive strong investment performance for Goldman Sachs and our clients,’ added Chris Semones, a managing director in the Real Estate business within Goldman Sachs Asset Management
Edge was advised in this transaction by BCLP and JLL, and Goldman Sachs was advised by Simmons&Simmons, KPMG and CBRE.
