Taiwan's Cathay Life buys London’s Woolgate

Taiwanese insurance firm Cathay Life has bought the Woolgate Exchange office building in central London for a reported sum of £320 mln (€400 mln).

The 33,000 m2 property was sold by US private equity group TPG and Canadian group Ivanhoé Cambridge, which acquired it when buying PointPark Properties (P3) in October last year. At the time, the UK press reported a price of £265 mln (€330 mln).

Woolgate Exchange is in the City of London financial district and is 100% let to Portigon Financial Services, with sub-tenants including Investec Asset Management, NASDAQ OMX, and the University of Chicago.