Ping An Insurance has bought a London office from Deutsche Asset & Wealth Management.

The Chinese institutional investor paid £327m (€423m) for Tower Place in the UK capital’s City district.

It is the second, high-profile deal in London by the Chinese insurer since the purchase of the Lloyd’s Building in 2013.

Gaw Capital Partners advised Ping An on both deals.

The Hong Kong-based adviser said it had now bought seven properties in London on behalf of Asian clients.

In 2013, founder Goodwin Gaw predicted a rise in Chinese insurance capital targeting global real estate investments following the relaxation of regulatory rules.

Deutsche AWM, meanwhile, said the sale was completed for its open-ended German property fund, Grundbesitz Europa.

Designed by Sir Norman Foster, the 385,000sqft building, 99.3% let, had been on the fund’s books since 2003.

James Petit, head of real estate, UK and Ireland for Deutsche AWM, said the asset had ”outperformed expectations”.

“Selling has allowed us to capitalise on the interest in London and we will now refresh and rebalance the fund’s UK portfolio,” Petit said, adding that the firm is already looking at a ”substitute target asset”.