Asian insurance giant Korea Life is set to make its UK debut after entering talks with Aerium to buy an 80% stake in the long leasehold of Eversheds’ City HQ, 1 Wood Street, EC2.
KL is expected to pay around £110m for the stake, valuing the building at £140m and reflecting a 5% yield.
The 160,000 sq ft building is let to law firm Eversheds on an 18-year lease expiring in 2024, with a passing rent of £8.4m pa.
Financial services firm Nord LB sublets 23,000 sq ft from Eversheds.
Land Securities sold the long leasehold to Aerium on behalf of Arrow UK Property Fund for £105.5m in 2009, reflecting a yield of 6.9%.
Trust for London, formerly the City Parochial Foundation, owns the freehold.
Neither party returned requests for comment.
jack.sidders@estatesgazette.com
