AXA Real Estate and Favermead complete Bath House tie-up

AXA Real Estate Investment Managers has confirmed that its Development Venture III fund has entered into a partnership with Favermead to speculatively develop Bath House at 60 Holborn Viaduct, EC1, as revealed by Estates Gazette on 23 October.

 

Favermead is the property company of billionaire art collector and philanthropist Professor Nasser D Khalili.

 

The transaction allows the partnership to deliver a new Grade A office building at a timely point in the market cycle, when a rapidly diminishing supply of this type of product is not expected to match demand. It 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 Kohn Pederson Fox Associates-designed office building, located in the City of London, and the old Bath House building has already been demolished.

 

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 €230m.

 

james.buckley@estatesgazette.com

 

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