Canadian property investor buys London Underwriting Centre building

Canadian property investor Ivanhoé Cambridge has bought the London Underwriting Centre (LUC)’s headquarters at 3 Minster Court for more than £170m.

The neo-gothic building on Mincing Lane, in the heart of London’s insurance district, was built by Prudential in the early 1990s and is leased to the LUC.

The building houses several insurance and insurance-related businesses. Zurich, for example, has offices there, as do several Lloyd’s managing agents.

Ivanhoé Cambridge Europe executive vice-president Meka Brunel said: “Three Minster Court meets our investment objective to build critical mass of high-quality assets in London.

“EC3 is one of the most sought-after office markets in London. We believe we can add value to the property over time.”