One of the largest deals ongoing in the City of London has fallen through.
Taiwanese life insurance giant Fubon has ended proceedings to buy Hines’s Cannon Place, EC4 for around £500m after it failed to secure regulatory approval to complete the deal.
The collapse of the deal is the latest negative landmark in a tough 2016 for the UK commercial real estate market, which has seen subdued activity since the start of the year.
Fubon had been under offer to buy the 418,000 sq ft City trophy building since December.
Hines said it is now in discussions with an alternative buyer.
Ross Blair, senior managing director and head of Hines UK said: “It is disappointing that having made such considerable progress the buyer is not in a position to complete the transaction. Since bringing Cannon Place to the market in September 2015 with a quoting price of £500m the building has attracted strong interest from investors.”
CBRE and Savills are joint agents on the building.
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