Czech KKCG acquires BP's London headquarters for £291 million and plans redevelopment

en.Wedoany.com Reported - Czech developer KKCG Real Estate Group has acquired BP's London headquarters at 1 St James's Square for £291 million and will redevelop the building to a design by Foster & Partners. The project is being development-managed by Yard Nine, and the approved Foster scheme provides a total floor area of 121,000 square feet.

KKCG said the deal is the first step in its plan to build a portfolio of prime office assets in central London. The redevelopment will retain the existing primary structure to maximise the preservation of embodied carbon; the scope includes replacing the facade, adding two storeys, and creating a roof terrace overlooking the square.

As the former owner, BP has designated the Timber Square project in Southwark as its new global headquarters; that project is being built by Mace, and BP expects to vacate 1 St James's Square by April 2028.

Peter Holden, Chief Executive Officer of KKCG Real Estate UK, said the acquisition is a significant milestone for KKCG Real Estate Group. The company will continue to build a focused and well-capitalised platform to invest in prime central London real estate, creating value through both acquisitions and developments; site selection focuses on quality, scarcity, and long-term demand to support enduring value. KKCG's investment approach is patient, disciplined, and long-term, delivering high-quality environments for world-leading corporate tenants in response to evolving workplace requirements.

In the St James's Square area, Foster & Partners is also involved in the refurbishment design for the 11-12 site. That site comprises protected townhouse buildings, including two Grade II and Grade II* listed structures, as well as a 1990s extension at the rear; construction is being carried out by Sir Robert McAlpine. Upon completion, the site will become the London headquarters of the Ellison Institute of Technology (EIT). Founded by Larry Ellison, the world's sixth-richest person and former Chief Executive Officer of Oracle Corporation, EIT is an advanced research institute.