Madame Tussauds building to be sold to Taiwanese insurer
TAIWANESE insurer Fubon Life is to buy the home of Madame Tussauds wax museum in Marylebone for £348.8m.
The insurer, a subsidiary of Taiwan’s second-biggest financial company by assets has been given the green light by the country’s insurance watchdog to buy the site of the tourist attraction from property tycoon Nick Leslau’s Secure Income Reit.
The group told the Taiwan Stock exchange on Friday that it will make a further announcement when the sale is confirmed.
Taiwanese insurers have stepped up spending overseas since 2013, when regulatory authorities relaxed the rules on investing in real estate abroad.
In March, Cathay Life bought the Walbrook building in the City for £575m. Meanwhile Fubon Life has set out plans to buy as much as £1.8bn of overseas properties over the next five years. The Madame Tussauds site would mark its third UK acquisition to date.