AXA IM Alts has secured a £480m construction loan from Cale Street to fund the development of its 650,000 sq ft office scheme at 50 Fenchurch Street in London.
AXA IM Alts acquired the site on behalf of clients in 2022 and the six-year facility will fund the development of the 36-storey building, with construction scheduled to commence later this year. YardNine has been appointed delivery partner for the project.
The development includes the retention of two historic listed buildings – the Tower of All Hallows Staining and Lambe’s Chapel Crypt – which will be relocated within the scheme to form part of an extensive new public realm.
Rob Samuel, UK head of development at AXA IM Alts, said: “The divergence in the London office market between prime well connected, sustainable, amenity-rich spaces and poorer quality buildings continues apace, with a supply-demand imbalance in favour of the former. Cale Street’s support for this BREEAM Outstanding development is a strong endorsement of our approach at 50 Fenchurch Street, where we will deliver a landmark, next generation office into the heavily supply constrained City of London market.”
