BNP Paribas to develop U.K. residential project
BNP Paribas Real Estate has acquired land in London’s Parker Tower neighborhood for the development of the firm’s first residential project in the United Kingdom.
The land was acquired from a joint venture comprised of private investors for an undisclosed price. Real Capital Analytics lists the sales price to be £50 million ($74 million).
The site is currently occupied by an office building, which will be converted to 60 apartment units. The project is expected to be completed at the end of 2017.
The acquisition follows BNP Paribas Real Estate’s development of a 430,556-square-foot office building in London’s King’s Cross district, which is fully leased to Google. BNP Paribas Real Estate developed the building under its property development business line and sold the forward funding to a joint venture led by AXA Real Estate, on behalf of its clients, in late 2012. The company was retained as leasing agent by the joi