Wed, Dec 17, 2008 - Page 12 News List

Shin Kong Life snaps up office building

By Kevin Chen  /  STAFF REPORTER

Shin Kong Life Insurance Co (新光人壽) announced its purchase of another office building in the Neihu Technology Park (內湖科技園區) yesterday, making the insurer one of the largest landlords in the Taipei science park with a total of nine office buildings in its investment portfolio.

Shin Kong Life, a subsidiary of Shin Kong Financial Holding Co (新光金控) and the nation’s second-largest life insurer, said it had bought the nine-floor First International Computer Inc (大眾電腦) building for NT$3.03 billion (US$91.9 million).

The sum compares with appraisals made by DTZ Debenham Tie Leung (戴德梁行) of NT$3.09 billion and Top Real Estate Appraisal Firm (尚上不動產) of NT$3.05 billion, Shin Kong Life said in a stock exchange filing yesterday.

The company said it would lease the building back to First International Computer for three years.

It did not specify in the filing how much yearly fixed rental income it expected to receive.

Shin Kong Life’s latest real estate investment came after the company announced on Friday that it had purchased the 12-floor Primax Electronics Ltd (致伸科技) building in the science park for NT$2 billion.

The insurer is likely to add another office building to its portfolio this week, Shin Kong Life’s vice chairman Wu Chia-lu (吳家錄) said over the weekend, as the firm seeks satisfactory investment returns for shareholders.

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