Ogier assists Cathay Life with acquisition of Walbrook Building

Friday 15 May 2015

Ogier has advised Taiwan-based insurer Cathay Life on the acquisition of The Walbrook Building in the City of London for a headline price of £575m.

The law firm’s Jersey team worked alongside Berwin Leighton Paisner in the UK to complete the deal, which is the latest example of the growing presence of Taiwanese investors in UK real estate after regulators in the country relaxed rules on outbound investment.

Cathay Life has significant Asia focused insurance, banking and investment management operations. The Walbrook Building was developed by Minerva in 2010 but the company was forced into a sale of the property a year later to Ares and Delancey.

Under new ownership, Minerva succeeded in leasing up the Walbrook which is now home to several high-profile international tenants, including Worldpay, Arthur J Gallagher & Co., Xchanging and Vanguard. Virgin Active and Waitrose have also recently signed long-term leases in the retail portion of the building.

The sale price eclipses the £202.6m that Ares and Delancy paid for the debt-laden Minerva.

Ogier and Berwin Leighton Paisner previously assisted Cathay Life with its first acquisition last year, buying the Woolgate Exchange in the City for £320m.

Ogier partner Raulin Amy said: “We are delighted to be able to assist Cathay Life again with this flagship acquisition. The structure involved two Jersey property unit trusts and considerable time has been invested in helping Cathay Life and their regulator understand how unit trusts and Jersey Companies operate. We hope this will stand us to good stead for ensuring Jersey is the jurisdiction of choice for further transactions.”

Raulin was assisted by senior associate Alexander Curry and associate Rebekah Agyeman.