LONDON - Perennial Real Estate Holdings has entered into an agreement to acquire a 20 per cent stake in Aroland Holdings, a company that owns 100 per cent of Aviva Tower in London, based on an agreed property value of £330 million (S$587.2 million).

The 28-storey Aviva Tower is located in London's Financial District, a company release said on Tuesday. Officials have granted approval for Aviva Tower to be redeveloped into the tallest building in the city at a height of 304.94 metres, the release added.

The new £1 billion landmark office development, known as '1 Undershaft', will host London's highest office space, UK's highest publicly accessible viewing gallery, and UK's highest public restaurant.

The new landmark office development will stand 73 storeys above ground with four basement levels and comprise over 130,000 square metres gross floor area of Grade 'A' office space, which will house the highest office space in London, and over 2,000 sqm GFA of retail and food and beverage space on Basement 1.