PNB Leases Out London Building to WeWork

Pavither May 30, 2018

Permodalan Nasional Bhd (PNB) leased out 130,000 sq ft at its London property, Aviaton House, to WeWork Companies Inc for 20 years, reported The Sun Daily.

Aviaton House is situated across the Holborn underground station near the upcoming Crossrail which is set to be completed in December 2019. The Grade A office and retail building was acquired by PNB in 2014.

The workspace provider will occupy the building’s eight upper floors.

“We are pleased to have inked this long-term lease with WeWork as it provides the opportunity to transform the building and enhance the value of the property,” said Datuk Abdul Rahman Ahmad, President and CEO of PNB.

Notably, it has been almost 20 years since Aviation House, which was built in 1991, was last revamped.

“We look forward to seeing the improvements and vibrancy that WeWork will bring to the building and to explore other opportunities to collaborate with WeWork in the future,” he added.

PNB first ventured into the UK property market in 2011 with the acquisition of Milton and Shire House. To date, it has two other assets in London – PNB House and One Exchange Square.

With more than 26,000 members and 24 open locations in London, WeWork provides over 248,000 members across the world with space, community and services via both virtual and physical offerings.

Image sourced from The Star Online

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