Hana closes on One Poultry in London for €206m - report

Korean investor Hana Financial Group has agreed terms with Aermont Capital for One Poultry in the City of London, paying £185 mln (€206 mln) for the landmark office.

According to media reports, Hana has secured a £104 mln loan from the Bank of Ireland to complete the deal.

One Poultry comprises 131,534 ft2 of recently refurbished offices which are completely occupied by WeWork. The shared-office space specialist inked a deal for the tenancy last year and moved in at the end of October 2018.

Luxembourg-headquartered Aermont, a former subsidiary of Perella Weinbery Partners which has raised four pan-European investment funds to date, purchased the property for around €123 mln in 2014.

The deal follows the acqusition of WeWork's Dublin headquarters by Hana's Korean peer JR AMC earlier this year. The private Korean REIT secured No. 2 The Landings on the city's North Wall Quay for €107 mln, reflecting a yield of around 4.5%.

Hana has also been active in Europe recently, acquiring Frankfurt skyscraper Trianon last month in a club deal with IGIS Asset Management for €670 mln from NorthStar Realty Europe.

Earlier this year the Korean financial group inked the UK's largest retail warehouse deal this year, acquiring the Gallagher shopping park in Wednesbury in the UK from US developer Quadrant Estates for £175 mln.


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