Ping An buys Lloyd's building in London

A German Closed End Fund managed by Commerz Real has confirmed the sale of The Lloyds Building in London, home to the world's leading insurance market, to "China's leading insurance company" for £260 million.

That company is reported to be Ping An Insurance Group.

Jon Crossfield, a director with Savills which advised on the deal, said "This is a potentially landmark transaction, given it is the first by a Chinese Insurance company overseas.

"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," he added.

The Lloyds Building, a landmark property designed by Richard Rogers, is known for its innovative design and is let in its entirety to the Society of Lloyds on a lease expiring in 2031.

Commerz Real purchased the building in 2005 for £231 million.

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