Chinese insurance company buys the Lloyd’s building for £260m

Chinese insurance company buys the Lloyd’s building for £260m

The Lloyd’s building has changed ownership in a £260m deal, which saw the landmark
property acquired by Chinese insurance company Ping An.
Lloyd’s headquarters initially opened in 1986 and was designed by Lord Rogers. German
asset management fund, Commerz Real previously owned the property, which they had
bought for £231m in 2005, before a deal was agreed with Ping An.
The Chinese company have acquired the 348,000 square foot City commercial property,
where Lloyds Bank holds a lease until 2031.
The news comes almost two years after the property was first put on the market – then with
an initial price of £290m.
One previous potential buyer was Matrix Property Fund Management who, at the end of
2012, ended their interest in a £260m deal for the development.
Commerz Real, however, have expressed their satisfaction over the transaction with Ping
An. Roland Holschuch, a board member, spoke on behalf of the company and said that the
offer “presented an ideal time for us to seek an exit in line with our original business plan.”
The deal marks the first by a Chinese insurance company abroad and is a move that is
hoping to pave the way for a number of others. Gaw Capital Partners, who advised on the
deal, expressed optimism for the growth of Chinese companies’ presence abroad. Head of
their China division, Humbert Pang, said that the firm has been “seeing more opportunities
to assist Chinese institutional investors going overseas.”