Taiwanese insurance company pays £332.5m for London attraction
Secure Income REIT has agreed to sell the popular tourist attraction site Madame Tussauds in central London to Fubon Life Insurance Co., a Taiwan-based insurance company, for £332.5 million ($512 million). Completion of the sale is expected in third quarter 2015.
The property is leased on a full repairing and insuring lease to Merlin Attractions Operations Ltd., the owner and operator of Madame Tussauds, guaranteed by Merlin Entertainments. The lease runs for a minimum of a further 27 years with the option for the tenant to extend by up to a further 70 years upon expiration.
Madame Tussauds has occupied the current site for more than 130 years. This is the first time the property investment has been sold individually in the open market.
The site was once the London Planetarium, but after closing in 2006, it was folded into the neighboring Madame Tussauds museum.
Secure Income REIT was represented by CBRE, and Patr