In January 2025, IGIS Asset Management, in partnership with leading Korean institutional investors, successfully acquired One Poultry – a landmark asset located in the heart of the City of London. This flagship value-add project, with construction commencing in Q1 2026 and completion scheduled for the first half of 2027, is being jointly delivered by IGIS’s Global Strategy Group, Global Asset Management Group, and its London-based affiliate, IGIS Europe.

As one of the first value-add real estate projects by Korean institutional investors in Europe, this marks a significant milestone for IGIS and showcases our ability to structure and execute highly complex transactions in mature international markets.

A Fusion of Architectural Heritage and Urban Connectivity

Situated directly opposite the Bank of England, One Poultry is the final work of renowned architect James Stirling and a landmark of postmodern architecture in London. This Grade II listed building spans approximately 14,000 square meters and has served as a mixed-use office and retail space since its completion in 1997. It offers exceptional connectivity, with direct access to Bank Station – one of London’s major transport hubs, served by five London Underground lines.

Recognized among the top 5.5% of architecturally significant buildings in the UK, One Poultry is protected not only for its distinctive façade but also for key elements of its interior. However, the building has seen minimal internal upgrades since completion, leading to operational inefficiencies and mounting maintenance challenges.

Through this ambitious retrofit¹⁾, IGIS aims to preserve the building’s architectural legacy whilst transforming it into a next-generation, sustainable asset. Delivering a Grade II listed retrofit requires Listed Building Consent – a process that demands a nuanced balance between heritage conservation, ESG performance, and modern functionality. In this arena, IGIS brings both deep technical expertise and strategic vision.

¹⁾Retrofit: Upgrading existing buildings to improve energy efficiency, ESG compliance, and asset value without full redevelopment. It provides a lower-cost, greener alternative to new construction.

Leveraging Local Networks, Global Capabilities

With the active support of IGIS Europe, the IGIS appointed FORE Partnership as the Development and Asset Manager for the project. FORE is a UK-based firm with deep expertise in low-carbon development and the retrofitting of listed buildings. Its vision aligns closely with IGIS’s ESG-driven investment framework, making it an ideal strategic partner.

In July 2024, the One Poultry Retrofit Project was officially recognized by the UK Green Building Council (UKGBC) as a New Innovation Initiative. As a project in London’s financial core to receive this designation, it serves as a living demonstration of how sustainable innovation can be embedded throughout the lifecycle of a landmark building.

“This is exactly the sort of project we want to see blossoming – where we’re using UKGBC’s convening power to bring industry, innovation and philanthropy together in a project in the real world. Like our work alongside UK cities, delivering large scale housing retrofit programmes on the ground, this project can act as a fulcrum for much deeper change over time.”

— Basil Demeroutis, Managing Partner, FORE Partnership

A Living Showcase of Sustainable Retrofit

The One Poultry project is not just a renovation – it is a living, working showcase of sustainable retrofit excellence. Its recognition by UKGBC underscores its role as a testbed for advanced technologies, carbon performance strategies, and ESG-aligned innovation.

Going forward, the project is expected to evolve meaningfully in three key directions:

Demonstrating integrated innovation: By curating and implementing hundreds of cutting-edge solutions – from building materials to solar and water efficiency systems – the team will develop a comprehensive Retrofit Innovation Map to inform future commercial retrofit strategies.

Redefining design around operational and carbon performance: With targets such as EPC A rating, net-zero emissions, and circularity, the project establishes a new design paradigm that prioritizes sustainability not at procurement, but from the earliest stages of design.

Sharing practical insights on feasibility and scalability: IGIS will systematically report on the real-world performance and implementation challenges of various technical solutions, offering a valuable knowledge base for the global real estate sector.

IGIS Asset Management and IGIS Europe are taking a hands-on approach from concept to execution – building deep expertise in retrofit construction, sustainable design, and asset repositioning. Through One Poultry, IGIS is positioning Korean institutional capital as a proactive contributor to global ESG investment trends, while reinforcing investor trust across European and international markets.

This content is based on an interview with Sungeok (David) Chang, Head of IGIS Europe, and summarizes key insights from the conversation.

By Soyeong Park, Contents Writer

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