INDUSTRY NEWS

Fubon Life to buy London Office

Fubon Life is set to buy a London office for approximately £138m.

The sale of the property in question, One Carter Lane, has been announced by its current owner, LondonMetric Property.

The company said, earlier this year, that it was targeting European property to invest in the asset class overseas.

Fubon Financial Holdings CIO, Howard Lin, stated that their unit of the Taiwanese financial holding company has “a close working relationship” with local advisors in Europe.

The company has already been looking into property in Paris and Germany, in addition to the London office. The Tawain insurance company will have to pay approximately £320m for the building in the Woolgate Exchange.

After the Taiwanese government decided to relax rules regarding overseas property investment, Fubon Life set major European cities in its sights. The Taiwanese government made the decision with a view to curb high domestic property prices.

Fubon Life will hand over a non-refundable deposit of £6.94m to LondonMetric to secure the lease on the property. The sale is expected to be completed in January of next year.

LondonMetric chief executive, Andrew Jones, stated: “Now was the right time to sell the property, releasing cash for reinvestment in core retail and retail distribution”.

By: Kirsty MacGregor

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