AXA Investment Managers - Real Assets (AXA IM - Real Assets) has reaffirmed its commitment to the 22 Bishopsgate Project following the UK's decision to leave the European Union.

The developers said they will press ahead with plans to built London's tallest tower and expect to appoint a contractor for the main build of the project within the next few weeks.

The 62-storey scheme is being built on the site of the former Pinnacle development and received full planning permission on 16 June 2016.

However, following uncertainty surrounding the commercial property market in the wake of Brexit, AXA IM said its consortium was "confident" how appealing the 1.4 million sq ft project will be to both international and domestic occupiers.


Pierre Vaquier, CEO of AXA IM - Real Assets, said: "Our ongoing commitment to 22 Bishopsgate reflects our firm belief, and that of our clients and partners, in this development project, aligned to the fact we are taking a long term view of this investment.

"The decision to proceed underscores our confidence in the progressive and attractive development that we will deliver at 22, coupled with the anticipated breadth of demand from local and global occupiers for easily accessible space in a prime location in the City of London, as one of the leading global centres for international business, that will respond to their future business needs."

Significant preparatory works have already been undertaken on the site, including completing the foundations and ground works, utlised from the previous unfinished Pinnacle development, to allow for an accelerated construction timetable.

Overall, the scheme is targeted for completion in 2019.

(LM)