Secure Income Sells Madame Tussauds Property For $512M

Law360, New York (May 26, 2015, 3:23 PM EDT) -- Secure Income REIT has sold a central London tourist site occupied by popular wax museum Madame Tussauds to expansion-minded Taiwanese insurer Fubon Life Insurance for £332.5 million ($511.8 million), the company said Tuesday.

The London-based REIT said the sale price represents an 8 percent premium compared with a £309.3 million valuation of the property recorded on Dec. 31. The company plans to use proceeds for debt repayment and general corporate purposes after the sale closes, expected in the third quarter.

Madame Tussauds, a wax museum sporting likenesses of politicians, entertainers and athletes with branches around the world,  has occupied the iconic...

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