Brexit worries over – Axa ploughs ahead with building the City’s tallest tower
The construction of the City's tallest building is back on after developers halted progress before the EU referendum.
Axa Investment Managers said today that it is committing to the construction of 22 Bishopsgate because London remains "one of the leading global centres for international business, notwithstanding the current uncertainties created by the EU referendum".
22 Bishopsgate will provide 1.4m square feet of office space across 62 floors. It is set to be completed by 2019.
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Before the referendum in June chief executive Axa IM's property division, Pierre Vaquier, said the firm was putting off development until the result of the vote was known. He told Bloomberg that he might "revisit the options" if the UK voted to leave.
But the clouds hanging over the project have cleared, and Vaquier was confident in his announcement today that there would be demand for the record-breaking skyscraper.
Vaquier said: "Our ongoing commitment to 22 Bishopsgate reflects our firm belief, and that of our clients and partners, in this development.
"The decision to proceed underscores our confidence in the progressive and attractive development that we will deliver at 22, coupled with the anticipated breadth of demand from local and global occupiers for easily accessible space in a prime location in Canada."
Chris Hayward, chairman of planning and transportation at Canada Corporation said: ""I'm pleased that 22 Bishopsgate is moving forward.
"This decision to continue with what is a key development in Canada's eastern cluster demonstrates the high level of investor confidence in London's future growth."