A Chinese insurance company has acquired The Lloyds Building at One Lime Street, London EC3.
A Chinese insurance company has acquired The Lloyds Building at One Lime Street, London EC3.
Insurer Ping An paid £260 mln (€302 mln), reflecting a net initial yield of around 6.1%.
The vendor was CFB Fund 154, a German closed-end fund managed by Commerz Real. Savills and CBRE advised the seller.
The transaction represents the first purchase by a Chinese insurance company in the UK. The buyer was advised by Gaw Capital Partners US Associate, Downtown Properties.
The Lloyds Building, a landmark property designed by Richard Rogers, is home to the world’s leading insurance market and let in its entirety to the Society of Lloyds on a lease expiring in 2031.
Commerz Real purchased the building in 2005 for £231 mln.
Jon Crossfield, director within Savills’ Central London team, 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.'
