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Perennial Real Estate not buying stake in £1B London development

Perennial Real Estate Holdings Ltd. did not exercise an option to purchase a 20% stake in a £1 billion project to redevelop the Aviva Tower's site in London, citing uncertainty about the timing of the project.

The call option, which expired July 31, would have given Perennial a right to acquire the stake based on the property's value of £330 million agreed in January 2017.

The 1 Undershaft project is expected to become the tallest building in London's Square Mile at 73 stories high. It can accommodate approximately 10,000 workers and provide 130,000 square meters of office space and over 2,000 square meters of retail space upon its completion. It is also expected to feature more than 1,600 cycle spaces and an elevated reception where pedestrians can pass through.