AXA IM Alts secures €563m development loan for landmark net-zero London office scheme, 50 Fenchurch Street

AXA IM Alts has secured a £480 million (€563 million/$615 million) construction loan from Cale Street, the real estate investment and finance firm, to fund the development of its 650,000-square-foot next-generation office building at 50 Fenchurch Street. This transaction represents one of the largest development loans agreed ahead of any pre-let in the United Kingdom since the beginning of 2023.

Following the acquisition of the site by AXA IM Alts on behalf of clients in 2022, the six-year facility will fund the delivery of the 36-story building. With demolition and enabling works substantially progressed, construction is expected to commence this year, following the appointment of a main contractor. YardNine is acting as delivery partner for the project.

Designed to reflect evolving occupier requirements, the building will incorporate flexible grade A office space coupled with state-of-the-art technology. 50 Fenchurch Street will also offer facilities and ameni