Asian investor buys London office property
Taiwan-based Fubon Financial is under contract to purchase the Cannon Place office property in London for £500 million ($771 million). The seller is Russia-based Candar Finance SARL, and developer Hines will be selling its stake as well. An official statement has not been released.
CBRE and Savills are acting for Hines on the sale of Cannon Place, while J.P. Morgan Asset Management is advising Fubon Life.
The acquisition will mark the Taiwanese insurer’s second purchase in the United Kingdom this year. In August, Fubon completed its acquisition of the Madame Tussauds property for £348.8 million ($511.8 million).
Cannon Place is located near Walbrook Building, which was recently purchased by Taiwanese insurer Cathay Life for £ 576.8 million ($867.7 million). Cathay Life also paid £346.4 million ($521.2 million) for the Woolgate Exchange in London in 2014.
The Cannon Place acquisition will increase Fubon Life&rsquo