New Airways Pension Scheme, a UK-defined benefit (DB) pension scheme managed by British Airways, is investing alongside Singapore’s sovereign wealth fund manager GIC to develop a life sciences complex in London’s King’s Cross.
The two investors are collaborating with the alternatives real estate business of fund manager BlackRock acting as the outsourced chief investment officer on behalf of British Airways pensions and Reef Group, an urban re-generation specialist.
Due to span 830,000 square feet, the Tribeca King's Cross project will host laboratory workspaces, as well as shops, restaurants and residential units across five buildings. The development is within London's Knowledge Quarter at the convergence of four London districts–Camden, King’s Cross, Euston and Regent’s Park.
Paul Tebbit, head of Emea and global CIO of core real estate at Blackrock Alternatives, said: “It is exciting to be involved in a development that harnesses state-of-the-art technology to aids decarbonisation efforts.”
Highlighting Tribeca's USP of providing purpose-built laboratories in response to the growing demand for lab and workspace, Stewart Deering, CEO, Reef Group, commented: “This transaction will enable the delivery of this ambitious project and contribute to the dynamic life sciences sector in London.”
The airways scheme is one of the UK’s largest corporate DB funds, with total assets on March 31, 2022, of around £20.1 billion.
BlackRock said the first stage of development is slated for completion by November 2023. Financial details were not given.
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