Korea Life is set to make its UK debut with the acquisition of a majority stake in a flagship City office.
EGi revealed on Wednesday that the Asian insurance firm was in talks with fund manager Aerium to buy an 80% share of 1 Wood Street, EC2, for around £110m – a circa 5% yield.
The price would value the 160,000 sq ft building, which is let to law firm Eversheds until 2024, at around £140m.
The sale comes as several other large City and Docklands assets are brought to market.
British Land has instructed Jones Lang LaSalle to market the 575,000 sq ft Ropemaker Place, EC2, for around £500m.
Elsewhere in the City, Hammerson and Canadian Pension Plan Investment Board are considering offers for 10 Gresham Street, EC2.
If sold, the 254,000 sq ft building is expected to fetch around £200m. Malaysian investment fund KWAP is understood to be an early frontrunner.
Morgan Stanley’s 170,000 sq ft HQ in Canary Wharf is also set to come to market after the bank, which was a lender to the block’s owner Vico Capital, placed it into receivership.
LPA receivers at Savills have been instructed to sell 15 Westferry Circus, E14, in September. The £131m loan on the building matured earlier this year.
German fund manager RREEF had previously been linked with a purchase of the block.
