Kuwait’s sovereign wealth fund has launched a High Court challenge against a new skyscraper being constructed in the City of London, arguing it will significantly block natural light to its neighbouring property, the award-winning Willis Building.
The Kuwait Investment Authority owns the freehold of the Willis Building, which houses the global headquarters of insurance firm Willis Towers Watson.
Designed by architects Foster + Partners and completed in 2008, the building in Lime Street is now the subject of a legal dispute due to the construction of a 36-storey office tower at 50 Fenchurch Street, just around the corner.
The KIA is suing Axa Investment Managers Alts, the investment division of French insurance group Axa, which is developing the new high-rise. The sovereign fund’s legal filing, made last November but only made public by the Financial Times this week, claims that the new structure would substantially diminish the amount of daylight the Willis Building receives.
In response, the KIA is seeking a court order to either block construction or to receive compensation, though the amount of damages has not been specified.
The case has sparked interest in the property sector, as such issues are typically addressed during the planning process.
Axa IM Alts received construction approval from the City of London Corporation in 2020. In its planning report, the Corporation stated that environmental factors — including potential loss of sunlight and overshadowing — had been thoroughly assessed, and that the project met acceptable standards.
Axa IM Alts has so far declined to provide detailed comments, stating: “We believe these claims are without merit,” and confirming they have yet to submit a formal defence in court.
Although the Willis Building was once a standout on the City skyline with its shell-like, tiered design, it has since been overshadowed by taller structures like the Cheesegrater, Walkie Talkie, and 22 Bishopsgate — currently the tallest building in the area and developed and owned by AXA IM.
Construction groundwork at 50 Fenchurch Street is already complete, with main building work set to begin this summer and wrap up by 2028. The tower will feature 650,000 square feet of office space and an extensive green wall. It will also include a new livery hall for the historic Clothworkers’ Company, which has occupied the site for nearly 500 years.
The site is shared with the grade I-listed fourteenth century Tower of All Hallows Staining and the grade II Lambe’s Chapel Crypt, which dates from 1200, which will both be restored under the plans.
Source: Fund Europe
