A 1.5 acre development site in the heart of Bristol city centre has been bought by Axa Investment Managers - Real Assets on behalf of clients.
The firm said the acquisition presents AXA IM - Real Assets with the opportunity to deliver a significant new estate, comprising an eclectic mix of amenities centred on approximately 240,000 sq ft (22,296 sq m) of office space.
The site has planning consent for offices spread across two buildings, although AXA IM - Real Assets is considering alternatives to improve the scheme's connectivity and local environment.
Axa IM said that, in addition to benefitting from a waterfront location overlooking Bristol's Floating Harbour, the site sits within the Bristol Temple Quarter, one of the largest urban regeneration projects in the UK which is expected to benefit from significant investment into the surrounding infrastructure over the next few years.
The scheme is close to Cabot Circus shopping centre, which Axa IM - Real Assets acquired in a 50/50 joint venture last year.
Jean-Manuel Rossi, global head of development, real assets, said the latest purchase "demonstrates our willingness to undertake large-scale developments".
He added that, on behalf of clients, "we have completed 250 projects with a total value of €11.1bn ($11.77bn) in Europe since 2000, and our 28 development specialists are currently managing a further €10.8bn of development projects across six European countries."
Harry Badham, UK head of development, real assets, commented: "We believe this is one of the best undeveloped opportunities in the heart of Bristol and we are looking forward to working with the council to deliver a forward-thinking scheme for the city."