Taiwanese insurance giant to buy City building Cannon Place for £500m

Taiwanese insurance giant Fubon Life Insurance is to buy City building Cannon Place for £500m.

The eight-storey office building is currently owned by American real estate firm Hines who put it on the market in October this year.  

The building, which is right above Cannon Street station, was opened in 2011 and tenants include the CBI and law firm CMS Cameron McKenna. According to various media reports, the building is 80% let.

In May this year, Fubon Life also bought Madame Tussauds’ London site for £348.8m.

JP Morgan Asset Management is advising the firm for the deal and CBRE and Savills were appointed by Hines to sell the building.

 

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