Fubon Life frontrunner to buy Cannon Place

One of  Taiwan’s biggest insurers Fubon Life Insurance is set to make a second splurge in the UK this year after emerging as the frontrunner to buy the Confederation of British Industry (CBI) headquarters in the City.

Cannon Place, which sits above Cannon Street station in the City, was put up for sale by its US owners Hines last month with a GBP500 million price tag.

Fubon Life is understood to be a frontrunner to buy the eight-storey office landmark, with a decision expected as soon as next week. However, there are still other suitors in the frame.

The deal, if successful, would be Fubon Life’s second London acquisition this year after buying the Marylebone home of Madame Tussauds waxwork museum for around GBP348.8 million earlier this year.

It would also come just five months after Cannon Place’s neighbour, The Walbrook Building, was snapped up this by another Taiwanese insurer Cathay Life for GBP575 million.