China’s Ping An Insurance agrees to acquire Lloyd's building in London
Lloyd's is being sold for £260m.
China-based Ping An Insurance Group has agreed to acquire Lloyd's, a landmark building in London, for £260m.
The property was bought by German asset management fund Commerz Real for $231m (£154m) in 2005.
Savills served as an advisor on this deal.
Jon Crossfield, a director with Savills, was quoted by the BBC as saying: “It is a high profile and confident entry to the market for them and further illustrates the dominance of overseas investors in London at present.”
Savills has not disclosed the name of the buyer, but Xinhua, a Chinese news agency, revealed that the buyer was Ping An Insurance.
Commerz Real revealed that the present liquidity and investor demand within the London real estate market provided them an ideal opportunity to exit.
In the recent past, Chinese firms have been acquiring properties in core international markets. Real estate firm Dalian Wanda Group announced that it would make a £1bn investment in the UK. Another property developer Advanced Business Park inked a £1bn deal to convert the Royal Albert Dock, located in London, into a business port.