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04 September 2012

BNP Paribas Real Estate sells the forward funding of its King’s Cross Scheme

BNP Paribas Real Estate has sold its office building next to Saint Pancras station to AXA Real Estate via a forward funding. The building was designed by Jean-Michel Wilmotte and will be developed by BNP Paribas Real Estate Property Development UK.

King's-Cross-2The project comprises of offices and ground floor retail of 37,000 sq m on Argent’s 743,200 sq m redevelopment of the site. The scheme will benefit from its close proximity to the major transport hub of King’s Cross and Saint Pancras, providing easy access to six tube lines, national railways and the Eurostar.

The property will be developed to the highest environmental standards (BREEAM Excellent) and specification.  Works are due to start prior to year end with a final completion towards the end of 2014.  Approximately 50% of the space will be occupied by BNP Paribas’ subsidiaries, and BNP Paribas Real Estate UK will be occupying it as their new HQ.

"With Kings Cross, BNP Paribas Real Estate, who is the market leader for office development in France, has pre-sold its first UK development.  This iconic 11 storey office building will be our showcase building in the UK and further demonstrates our wish to reinforce and expand our United Kingdom operations", said Philippe Zivkovic, Executive Chairman of BNP Paribas Real Estate.

BNP Paribas Real Estate was advised on the purchase of the site and the disposal of the forward funding by its UK transaction teams. The vacant office space will be marketed by Central London leasing team, by the end of the year.

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