BNP Paribas Real Estate (BNPPRE) has added the sale of the Google headquarters in London to its seven earlier submissions for PropertyEU's Deal of the Decade Awards programme.
BNPPRE sold the property at 6 Pancras Square, King's Cross in a forward-funding transaction to AXA Real Estate for over £300 mln (then about €400 mln) in autumn 2012, with 50% leased to BNP Paribas Real Estate. BNP Paribas Real Estate Advisory was then instructed as leasing agents for the space. BNP Paribas's building consultancy team were instructed to project manage and fit out the space, and its property management team appointed to manage it going forwards.
In 2013, Google agreed to take 45% of the building, having already committed to take other space at King's Cross. In 2014, Google agreed to take the remaining 55% of the space at the building, establishing this location as its UK headquarters.
In its submission, BNPPRE said 6 St Pancras Square was a ground-breaking and unique project: 'No other adviser can claim to develop, fund, project manage, fit out, lease, sell and manage a building, but that’s exactly what BNP Paribas Real Estate did at 6 Pancras Square, King's Cross.'
BNPPRE had bought a parcel of land opposite St Pancras International in 2011 from Argent, the lead developer in the King's Cross Central Partnership which is responsible for the regeneration of the area. 'From that moment on, BNP Paribas Real Estate has been involved in each milestone of the project, its first UK development, through to its scheme delivery and handover to end-user Google,' BNPPRE said.
BNPPRE has already submitted several other transactions as candidates for the Deal of Decade Awards. Not surprisingly, given the Paris-based firm’s strong presence in continental Europe, particularly France and Germany, its selection involves deals in the big cities of these two countries.
Three of the seven candidates are transactions that were executed in Paris. The candidates were submitted by the capital markets team headed by Etienne Prongué.
The oldest deal candidate dates from 2007 and involved the acquisition of Place Vendome by Sloane Capital from UK REIT Hammerson and AXA REIM for €624 mln or a yield of 3.6%. BNP Paribas RE advised the buyer. BNPPRE has also submitted four deals in Germany as candidates for the Awards.
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During the summer months, the PropertyEU research team collected more than 120 submissions for the most outstanding deals in the past decade from across the industry. n the coming weeks, our project team will draw up a shortlist for the different categories ahead of a readers’ vote in the autumn. The Deal of the Decade Awards will be presented at a ceremony in Amsterdam in December.
