Munich Re eyes purchasing London Property, which may become UK HQ

Munich Re, the world’s largest reinsurer, is in talks to acquire a plot that has approval for one of the tallest towers in the City of London financial district, sources said.

The insurer is negotiating to buy the One Leadenhall project from Brookfield Property Partners LP, and could use it as its new U.K. headquarters.

London’s skyline has been transformed since Swiss Re AG developed a high-rise headquarters close to the Lloyd’s of London building in the EC3 postcode about 15 years ago. The Gherkin, as the company’s tower has become known, has been joined by other developments including the Scalpel that insurer WR Berkley Corp. is currently developing as its new London headquarters.