Fubon Life Insurance Co (富邦人壽), the life insurance arm of Fubon Financial Holding Co (富邦金控), yesterday won the auction for a landmark plot of real estate owned by Tatung Co (大同) to digest idle funds, bidding organizer Jones Lang LaSalle said.
The nation’s second-largest life insurance provider by market share won the four buildings — comprising 14,261 ping (47,203m2) of floor space on a 4,416.2 ping plot of land in Beitou District (北投), Taipei — for NT$6.95 billion (US$228.66 million), or 7 percent more than the floor price, Jones Lang LaSalle said.
The property consultancy refused to disclose the number of bidders at the request of Tatung, a home appliances maker, which cut its capital by 58 percent in March to improve its financial status after suffering losses at its flat-panel and solar wafer manufacturing arms.
Shan-Chih Asset Development Co (尚志資產開發) may gain NT$6.2 billion from selling the property in Taipei for NT$6.95 billion to Fubon Life Insurance yesterday, parent Tatung said in a statement to the Taiwan Stock Exchange.
More than 20 companies had expressed interest in buying the buildings that now house Asustek Computer Inc (華碩) and Pegatron Corp (和碩) and generate NT$130 million in rental income a year, said Tony Chao (趙正義), Jones Lang LaSalle’s managing director in Taipei.
ADDItional reporting by Bloomberg
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