Real Estate News | Commercial Real Estate
Jones Lang LaSalle Completes $230 Million Commercial Building Sale in Taiwan, Largest Deal of 2011
By Michael Gerrity | November 29, 2011 8:30 AM ET
The $230 million (USD) sale of Tatung Co's industrial property in prime Beitou District, Taipei by tender this week set the mark for the largest industrial office sales transaction in Taiwan year-to-date.
Fubon Life Insurance Co, Taiwan's second largest life insurer, won the bid to secure the landmark property, from the tender exercise which saw interest from over 20 parties. The company is expected to benefit from some $4.5 million (USD) in annual rents collectable in the short term, with potential capital appreciation in the longer term.
Tony Chao, Managing Director of Jones Lang LaSalle Taiwan tells the World Property Channel, "Despite investors taking a conservative view in the overall market due to the Euro-zone debt situation, and the impact from the implementation of luxury tax, the fact that we had over 20 expressions of interest from international and domestic investors illustrates the confidence of investors in the real estate market in Taiwan."
The landmark property is located in the prime location of Taipei city, with convenient MRT transportation and an unobstructed view of national parkland. The property is situated on a site of 157,128 sq ft and comprises 507,406 sq ft of office space.
Jones Lang LaSalle Taiwan handled the bidding process.