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Report: Fubon Life's £500M City of London acquisition canned

Taiwaneseinsurer Fubon Life Insurance Co. Ltd.'s£500 million acquisition of a London asset has been called off, according to anApril 13 report from CoStar U.K.

The newsoutlet said Fubon Life failed to get regulatory approval to buy the Cannon Placebuilding in the City of London.

The companywas initially reportedto be making the acquisition back in November 2015 from developer Hines. The guideprice represented a 4.4% yield for the 418,000-square-foot property. Hines is presentlyin negotiations with another investor for the asset, according to the report.

If successful,the acquisition would have taken Fubon Life's central London property holdings tomore than £1.1 billion, overtaking peer and rival Cathay Life Insurance Co. Ltd.'s nearly £895.3 million propertyholdings in the British capital, the news outlet noted. Cathay Life owns the opposite CannonPlace, having paid nearly £575.3 million for the property, as reported earlier.