Taiwanese insurers continue London foray
Taipei-based Shin Kong Life Insurance Co has made its first acquisition in London. JLL represented the life insurance company. Cornerstone Real Estate Advisers sold the 11,420-square-metre office located at 40 Gracechurch St in the City of London submarket. The sales price is estimated to be £140 million (US$213 million). Cornerstone purchased the eight-storey office in 2013 for US$142.5 million.
The property is 100 percent occupied by Mansion House Consulting, iPlan Accounting and Titlestone Property Finance.
Several other Taiwanese insurance companies have invested in London real estate recently. In May 2015, Cathay Life Insurance Co paid US$901 million for the Walbrook Building, and the firm paid US$521.2 million for the Woolgate Exchange in 2014. Fubon Life Insurance Co purchased the London site of Madame Tussauds waxworks museum for US$540 million, and the insurer paid US$288.9 million for Bow Bells House in 2014.
Taiwanese companies and individuals invest