Allianz and Aviva team up for ESG-led City of London developments

Allianz Real Estate and Aviva Investors have joined forces to develop a pair of City of London office buildings with strong ESG characteristics. 

The two assets, the 176,000 sq ft 1 Liverpool Street (pictured above) and the 72,600 sq ft 101 Moorgate Street, have a combined development value of £500 million ($660 million). Both will meet the Carbon Risk Real Estate Monitor (CRREM) decarbonisation pathway, be compliant with EU taxonomy criteria for sustainable portfolios, and are targeted to achieve BREEAM ‘outstanding’ status.

Nicole Pötsch, head of investment and strategic development for North & Central Europe at Allianz Real Estate, said: “Working closely with Aviva Investors, we have been able to optimize the ESG profile of both buildings at a very early stage, focusing on underlying factors such as technology, energy usage and the ‘smart’ aspects of each asset so they meet the new needs of tenants.”

James Stevens, head of real estate investment at Aviva Investors, said: “We have set stringent sustainability targets, aiming to lower ongoing energy needs through use of efficient materials and specific performance targets. This will make 1 Liverpool Street and 101 Moorgate buildings of the highest quality for their occupants and further facilitate a move towards a lower-carbon future.”

Allianz Real Estate is part of the Net Zero Asset Owner Alliance and has a target to reduce carbon emissions across its portfolio by 25% by 2025 and be carbon net-zero by 2050. Aviva Investors aims to reach net zero emissions across the whole of its real assets platform by 2040.