AXA IM Alts agrees forward funding for U.K. development

AXA IM Alts has signed a £20.6 million (€23.9 million/$29.0 million) forward-funding agreement, on behalf of clients, to develop a pre-leased, high-tech manufacturing facility at Central Approach in Bristol, England. It has acquired the site from Trebor Developments and Hillwood.

The 107,6600-square-foot facility is fully pre-leased to leading manufacturing and research firm Oxford Instruments on a 20-year lease, and construction is due to complete in March 2022.

The property will serve as a state-of-the-art new manufacturing and office headquarters for Oxford Instruments, and AXA IM Alts will look to develop the asset to achieve strong sustainability credentials including a BREEAM Very Good rating.