Taiwanese insurer Fubon Life Insurance is frontrunner to buy Cannon Place for £500m
One of Taiwan’s biggest insurers Fubon Life Insurance is poised to make a second splurge in the UK this year after emerging as the frontrunner to buy the Confederation of British Industry (CBI) headquarters in the City.
Cannon Place, which sits above Cannon Street station in the City, was put up for sale by its US owners Hines last month with a £500m price tag.
Fubon Life is understood to be pole position to buy the eight storey office landmark, with a decision expected as soon as next week. However it is understood that there are still other suitors in the frame.
The deal, if successful, would be Fubon Life’s second London acquisition this year after buying the Marylebone home of Madame Tussauds waxwork museum for around £348.8m earlier this year.
It would also come just five months after Cannon Place’s neighbour, The Walbrook Building, was snapped up this by another Taiwanese insurer Cathay Life for £575m.
Cannon Place was completed in 2011 after almost four years and £200m of construction work. It is let to tenants including law firm CMS Cameron McKenna Franklin Templeton Investments, Columbia Threadneedle Investments as well as the CBI.
Certain scenes from Hollywood’s Fast & Furious and UK TV series Spooks were filmed inside the building before it was rented out.
CBRE and Savills are acting for Hines on the sale of Cannon Place while JP Morgan Asset Management are advising Fubon Life.