Brexit Could Deter Construction On London’s Tallest Tower
Insurer and investment manager Axa SA’s real estate arm was set to build the tallest tower in London before the UK voted to leave the EU. Now the company is seeking feedback from investors on whether it should proceed with construction as planned or delay the project.
Axa Investment Managers-Real Assets is offering investors three choices—continue with plans to start construction this year, hold off until further notice or sell the site. The last option is least likely, Bloomberg reports.
“We remain committed to the site, we are continuing work and we are considering all our options,” Axa spokesperson Richard Sunderland told Bloomberg. The 62-story tower at 22 Bishopsgate is the tallest building approved by city planners, and a construction contract could be entered into as early as October should investors choose to proceed. [Bloomberg]
