In a deal worth £575 million Cathay Life has purchased a significant city of London commercial building. The Walbrook Building a 10 story office and retail complex sits in the centre of London’s financial district. The deal is the largest real estate transaction in London in 2015 and is expected to yield in the region of 4.5 percent.
The building was designed by Foster and Partners and some eagle eyed observers will recognize it as the spy headquarters of the last Johnny English movie featuring Rowan Atkinson.
Units of Cathay Financial Holding Co., the insurer’s parent company, purchased the Woolgate Exchange gaining about 351,000 square feet of London real estate in 2014. Cathay Life is a part owner of Taipei Financial Center, which operates Taipei 101, Taiwan’s tallest skyscraper.
2015 has seen a surge in Asian UHNW's and institutional buyers continue to acquire prime commercial and residential assets across Europe, Australia and the USA and with the new government elected in the UK London can expect more Asian interest for the rest of the year.
