AXA Real Estate Investment Managers has appointed Balfour Beatty as the principal contractor for the final construction phase of Sixty London, a speculative prime office development in London.
The project is being financed by AXA's Development Venture III fund (DVIII) in partnership with Favermead at the site of Bath House. The fund aims to deliver the asset into a supply-constrained London office market in 2013.
The next phase of work on the Grade A, 20,000 m2 scheme, designed by Kohn Pederson Fox Associates, has now commenced, with completion due in summer 2013. Sixty London is targeting a BREEAM Excellent sustainability rating and has been upgraded to achieve an additional 25% carbon saving.
Earlier last week, AXA Real Estate Managers, a subsidiary of AXA Investment Managers, announced it has raised EUR588.5mln of equity for its pan-European development fund DVIII.
The fund will have up to EUR2.5bn to invest after leverage and the reinvestment of proceeds, Laurent Vouin, head of opportunistic funds at AXA Real Estate, based in Paris, told PropertyEU.
The closed-end fund will run until 2017, sourcing development opportunities up until 2014, Vouin said. AXA Real Estate has not disclosed the target IRR of the fund, although investors in the fund manager’s previous two development funds have benefitted from annual IRR’s of up to 40% on some projects.
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