News release Ivanhoé Cambridge

Ivanhoé Cambridge begins redevelopment of Stonecutter Court in London, in a joint venture to be established with Allianz – a pre-lease for part of the building has been agreed with Travers Smith

Real Estate London, United Kingdom,

Stonecutter Court is to be redeveloped into a highly amenitised, user experience-driven office building, leveraging today’s global best practices to deliver a truly tenant centric design. The building is being designed to support a hybrid workforce, and provide flexibility driven spaces, and the evolving needs of prominent occupiers. It will incorporate the very latest health and wellness features and building systems.

Ivanhoé Cambridge, global real estate industry leader, is beginning the redevelopment of Stonecutter Court, to create a next-generation office space in response to occupier needs, and to deliver an environment to foster and support the talent attraction and retention strategies of its customers. In addition, subject to usual antitrust clearance, Ivanhoé Cambridge will be partnering with Allianz Real Estate, acting on behalf of Allianz, in a new 50:50 joint venture. The collaboration will see both partners deliver the next generation of London offices. Following redevelopment, the new building will be among the best in class globally and will attract occupiers seeking high quality, experiential as well as flexible office space ensuring employee and client attraction and retention.

Ivanhoé Cambridge has secured the first major pre-lease with a leading UK law firm, Travers Smith. Travers Smith is committing to a lease duration of 15 years on 158,000 square feet. The move is scheduled for the first quarter of 2025.

Stonecutter Court is situated in one of the most desirable and vibrant areas in London. The site location, in Farringdon, bordering the City of London, offers easy access to global institutions, prime-residential areas, internationally recognised amenities ranging from retail, restaurant, hotel and leisure - all within walking distance - providing a lively and dynamic setting. The development is in line with the Joint Venture’s long-term strategy of acquiring and developing assets in prime locations.

On completion of the building, the net lettable area will increase by c.66%, from 150,000 sq.ft. to 250,000 sq.ft. Stonecutter Court will consist of a 13-story office scheme arranged over two basement levels, ground, podium, and include four roof terraces. The development offers amenity-rich features including four retail units and the existing courtyard space will be re-purposed for public access. The development will benefit from state-of-the-art energy conservation methods including a highly efficient heating system, enhanced insulation, and solar panels covering 2,700 square feet. In line with Ivanhoé Cambridge’s commitment to reduce carbon emissions, the Stonecutter Court redevelopment will set ambitious ESG targets and work with globally recognised organisations to achieve BREEAM New Construction 2018 Excellent and WELL Core and Shell Gold certifications. Both Ivanhoé Cambridge and Allianz Real Estate share a mutual vision of the importance of carbon reduction and are members of the Net Zero Asset Owner Alliance. Stonecutter Court notably aims to achieve a carbon reduction pathway aligned with the science-based Paris Climate Agreement 1.5°C scenario.

Ajay Phull, Head of Investments UK at Ivanhoé Cambridge, said: “The area around Stonecutter Court has seen a complete transformation over the past decade and once redeveloped, Stonecutter Court will provide a cutting-edge, flexible and ‘green’ space for all local stakeholders. We are proud to partner with Allianz Real Estate as investors that we share key values with and underscores our commitment to London as we embark on a new development at an exciting time in the evolution of the office. London is a global gateway city that has remained resilient and responded positively to change, and we see a great opportunity to continue to invest in London with long-term conviction.”

Richard Saul, Head of Asset Management UK at Ivanhoé Cambridge, added: “Completing an off-plan pre-let during a pandemic is a massive achievement and speaks to the quality of the product. The new building will make a considerable contribution to the new workplace experience of our client and partner Travers Smith. It is testament to how a new workplace designed with wellbeing, and ESG at its heart can be a differentiator for our clients.”

Kari Pitkin, Head of Business Development for Europe at Allianz Real Estate, commented: “We expect offices which are centrally located in key cities, are sustainably operated and which focus strongly on user well-being and experience will be the most sought-after workplaces post-pandemic. It is this long-term view which makes the investment in Stonecutter Court such an attractive opportunity and one which will deliver sustained value to our investors.”

Edmund Reed, Managing Partner at Travers Smith, added: "We are delighted to have secured Stonecutter Court as our new office space. The move to this landmark building shows our confidence in the future - an opportunity to build on our success and allow for growth in the coming years. With its modern, sustainable and inclusive design, this building reflects the vision for our business and will provide an exciting and vibrant working environment which will appeal to both our people and our clients."

In this transaction, Ivanhoé Cambridge was advised by CMS on legal matters, BH2 & Knight Frank on leasing, CO-RE on development matters, and Eastdil Secured on the joint venture.

About Ivanhoé Cambridge

Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint. Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,100 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$60.4 billion in real estate assets as at December 31, 2020 and is a real estate subsidiary of the Caisse de dépôt et placement du Québec. For more information about Ivanhoé Cambridge, please visit: www.Ivanhoé

About Allianz Real Estate and PIMCO

Allianz Real Estate is a PIMCO Company, comprising Allianz Real Estate GmbH and Allianz Real Estate of America and their subsidiaries and affiliates. It is one of the world’s largest real estate investment managers, developing and executing tailored portfolio and investment strategies globally on behalf of a range of global liability driven investors, creating long-term value for clients through direct as well as indirect investments and real estate financing. The operational management of investments and assets is performed out of 18 offices in key gateway cities across 4 regions (West Europe, North & Central Europe, USA and Asia Pacific). For more information, please visit:

PIMCO is one of the world’s premier fixed income investment managers. With its launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the nearly 50 years since, the firm continued to bring innovation and expertise to our partnership with clients seeking the best investment solutions. PIMCO has offices around the world and 3,000+ professionals committed to delivering superior investment returns, solutions and service to its clients. PIMCO is owned by Allianz SE, a leading global diversified financial services provider.

About Travers Smith

Travers Smith LLP is a leading full-service law firm, with offices in London and Paris. The firm regularly conducts cutting-edge and industry-first work for clients across industry sectors and has carved a market-leading reputation for its expertise in Asset Management, M&A and Dispute Resolution & Investigations. Travers Smith's clients include publicly listed and private companies, financial institutions and private equity firms, and other business enterprises involved in large and complex UK and cross-border matters, transactions and disputes. Its practice area teams specialising in Commercial, IP & Technology, Competition, Corporate Finance and M&A, Dispute Resolution, Derivatives & Structured Products, Employment, Environment & Operational Risk, Infrastructure, Finance & Restructuring, Financial Services & Markets, Funds, Incentives & Remuneration, Pensions, Private Equity & Financial Sponsors, Real Estate, Regulatory Investigations and Tax regularly work together as one cohesive team on matters and deals.

The firm's success is rooted in the excellence of its people and clients and its commitment to using its influence and knowledge to do good in the society. For more information visit:

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