Taiwan insurer buys London office £575m
Minerva, the real estate investment and development group jointly owned by funds managed by Ares Management and Delancey, has sold The Walbrook Building, a prime office and retail asset in London, to Taiwan-based insurer Cathay Life. The sales price was £575 million ($901 million).
The freehold asset sits on 1.6 acres in the center of the City of London submarket and provides state-of-the-art office space and retail space.
Minerva acquired the 440,000-square-foot office in 2011. The 10-story building was 100 percent vacant when Minerva purchased it, and it is now occupied by several high-profile international office tenants, including Worldpay, Arthur J. Gallagher & Co., Xchanging, and Vanguard. Virgin Active and Waitrose have recently signed long-term leases in the retail portion of the building.
The sale of The Walbrook Building marks Minerva’s fourth asset sale since 2011, following the sale of the Ram Brewery, which had an investme