Aviva Seeks Partner for New City of London Skyscraper Project

Aviva Plc has kicked off the search for a partner to help fund a planned new skyscraper in the heart of the City of London’s insurance district, as it aims to tempt investors willing to make a bold bet that office rents are set to soar.

The insurer’s investment management arm has appointed broker Knight Frank to sell a stake in the 130 Fenchurch Street project, people with knowledge of the process said. A deal could pave the way for a start on the development, which secured planning approval in September, or a new partner could wait to secure a tenant for some or all of the 31 story building before commencing construction, the people said, asking not to be identified as the process is private.