Fubon Life is paying 拢332.5m (鈧�363m) for London tourist attraction Madame Tussauds.
The board of Secure Income REIT said it has exchanged contracts with the Taiwanese insurer to sell the asset in the third quarter of this year.
Secure Income said Fubon Life, which is being advised by Patrizia Immobilien鈥檚 UK office, is paying an 8% premium to the property鈥檚 December 2014 valuation of 拢309.3m.
The property is let to Merlin Attractions Operations, owner and operator of Madame Tussauds for at least the next 27 years, with the option for the tenant to extend by up to a further 70 years upon expiry.
Merlin currently pays 拢15.7m a year in rent on the asset, which has never been sold.
last year bought a London office property for 拢139m from LondonMetric Property. , Fubon Life said it was targeting European real estate for its first overseas investment in the asset class.
The insurer, a unit of Taiwan鈥檚 second-largest financial holding company, has 鈥渁 close working relationship鈥� with some local advisers in Europe, according Howard Lin, CIO at Fubon Financial Holdings.
Taiwanese peer, Cathay Life Insurance, a prime London office asset from a developer owned by Ares Management and Delancey. The Taiwanese institutional investor paid 拢575m for the Walbrook Building in London鈥檚 City district.
The deal followed Cathay Life鈥檚 拢320m purchase of the Woolgate Exchange building from private equity firm TPG and Ivanho茅 Cambridge.
