Cathay Life is under offer to buy Woolgate Exchange, EC2 , for more than £320m, reflecting a net initial yield of 5.1%.
The Taiwanese life insurer has agreed terms with TPG Capital and Ivanhoe Cambridge for the 340,000 sq ft office block on Basinghall Street, in what will be the first property deal by a Taiwanese insurance company in the UK.
The arrival of the Taiwanese funds has been anticipated for more than a year since the country’s regulator allowed them to invest in certain overseas markets.
TPG and Ivanhoe bought the building for £265m in December 2012 and have since benefitted from positive leasing activity with tenant Sidley Austin ruling out a move elsewhere and Nasdaq taking a sub-let of around 31,000 sq ft.
CBRE advised Cathay; Eastdil Secured advised the vendors.
