Two Israeli insurance groups have acquired Norwich Union's former headquarters in the UK city of Norwich from Telereal for about £134 mln (almost EUR 150 mln). Harel Insurance Investments & Financial Services and Menora Mivtachim Holdings said they are each paying £64.5 mln to take stakes of 48% each in the partnership that will own the 33,000 m[sup]2[/sup] property.
Two Israeli insurance groups have acquired Norwich Union's former headquarters in the UK city of Norwich from Telereal for about £134 mln (almost EUR 150 mln). Harel Insurance Investments & Financial Services and Menora Mivtachim Holdings said they are each paying £64.5 mln to take stakes of 48% each in the partnership that will own the 33,000 m2 property.
The property generates an annual rent of £11.5 mln and the buyers say the investment should reflect a 8% yield.
Norwich Union was the UK brand of insurer Aviva before the name was phased out by June 2009. The building is leased entirely to Aviva's Central Services UK subsidiary.
Jones Lang LaSalle advised Harel and Menora, while Cushman & Wakefield acted for Telereal.
