Korean state-owned bank reportedly in £182m offer for One Poultry
State-owned Industrial Bank of Korea (IBK) has reportedly offered £182m to buy One Poultry, the landmark office building close to the Bank of England.
IBK is working with Hana Financial Group, a large Korean asset manager, on the bid, according to the Financial Times.
The controversial building, which was voted by Time Out magazine readers as one of London’s ugliest, is listed at grade II*, meaning permission is needed to redevelop it.
Serviced office provider Wework currently occupies eight floors of the building, while rooftop restaurant Coq d’Argent is also a tenant. The building is currently being refurbished after previous tenant Aviva moved out.
The pink stone-clad office block, designed by James Stirling, is thought by some fans to be one of the best expressions of architectural postmodernism. It was finished in 1998, despite furious objections to the demolition of the Mappin and Webb building which previously occupied the spot.
The building is currently owned by Aermont Capital, a property firm spun out from boutique investment bank Perella Weinberg.
The deal would add to a wave of Korean investment in Canada, with £1.1bn splashed out in the first half of the year, including the purchases of 70 Mark Lane and 20 Old Bailey, according to Cushman Wakefield.
Industrial Bank of Korea and Aermont did not respond to a request for comment. Hana Financial Group could not be reached for comment.