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Brexit prompts backers to reconsider construction of PLP's City tower

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The main investor behind PLP’s 22 Bishopsgate skyscraper will ask the scheme’s remaining backers whether they want to go ahead with its construction in the wake of the EU referendum

According to Bloomberg, Axa Investment Managers-Real Assets will give co-investors in the 62-storey City of London project three options regarding the site: start construction this year as planned; delay; or sell it.

However, sources have told Bloomberg that the latter option is the least likely.

The other investors backing the scheme include Singaporean Temasek Holdings Pte, Canada-based Public Sector Pension Investment Board, and British Columbia Investment Management Corp.

If the investors opt to go ahead with construction this year, the contract could be signed as early as October, according to Bloomberg.

AXA IM-Real Assets chief executive Pierre Vaquier told Bloomberg ahead of the 23 June vote to leave that he was awaiting the outcome of the referendum before deciding on whether to proceed with the tower. The timetable for the scheme first came into question earlier this year when a ‘significant threat’ of right-to-light legal claims from neighbours emerged – a situation resolved by the City of London agreeing to buy a stake in the contentious tower.

22 Bishopsgate is being developed in partnership with Lipton Rogers, with Brookfield Mulitplex attached to the project through a preconstruction service agreement.

The project replaced the previous Pinnacle scheme, designed by KPF, which started on site in 2008 before being suspended in 2012 as a result of the downturn.

The new designs include a 278m-tall tower – 10m lower than the previously approved scheme – with 130,000m² of office space.

An AXA IM-Real Assets spokesperson said: ’We remain committed to the site, we are continuing to work and we are considering all our options.’

West elevation of PLP's proposed 22 Bishopsgate tower in the City of London

West elevation of PLP’s proposed 22 Bishopsgate tower in the City of London

West elevation of PLP’s proposed 22 Bishopsgate tower in the City of London

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