Shin Kong buys London office
Taiwan-based Shin Kong Life has made its first acquisition in London. JLL represented the life insurance company. Cornerstone Real Estate Advisers sold the 122,850-square-foot office located at 40 Gracechurch St. in the City of London. The sales price is estimated to be £140 million ($213 million). Cornerstone purchased the eight-story office in 2013 for $142.5 million.
The property is 100 percent occupied by Manson House Consulting, iPlan Accounting Ltd. and Titlestone Property Finance.
The acquisition follows the investment by several other Taiwanese insurance companies in London real estate. In May, Cathay Life paid $867.7 million for the Walbrook Building, and, the firm paid $521.2 million for the Woolgate Exchange in 2014. Fubon Life Insurance Co. purchased the London site of Madame Tussauds waxworks museum for $540 million, and the insurer paid $288.9 million for Bow Bells House in 2014.
Taiwanese companies and individuals invested a total