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South Korean JV agrees to pay £270M for WeWork-leased London building

MG, a quasi-banking group based in South Korea, formed a 50/50 joint venture partnership with KB Securities to acquire a WeWork Cos.-let office development at 125 Shaftesbury Avenue in London's Soho district, CoStar U.K. reported.

The partners signed a £270 million deal with vendor Almacantar, which tapped Cushman & Wakefield and CBRE in May to sell the property at a 4.25% yield.

The building sits on a 1.2-acre site and spans 190,000 square feet of space for retail, office and ancillary amenities, according to the Oct. 17 report. WeWork agreed to occupy 140,000 square feet of the building under a lease term that will end in 2038.