Cathay Life buys Walbrook Building in biggest London office deal this year

London

TAIWAN'S Cathay Life Insurance Co bought the Walbrook Building in the City of London financial district for £575 million (S$1.2 billion), the biggest single-property purchase in the UK capital this year.

The building near the Bank of England was sold by Minerva Ltd, owned by clients of Ares Management LP and Delancey Real Estate Asset Management Ltd, according to a statement on Tuesday. The property has 410,000 square feet of office space and 35,000 sq ft of stores and restaurants, Minerva's website shows.