LONDON—Chinese insurance firm Ping An plans to buy the iconic Lloyds of London building for around $396 million (£260m).
The seller will be Commerzbank's Commerz Real Funds unit. This will be the first London acquisition for Ping An, which is China's second-largest insurer. Website Property Investor Europe says the firm has recently begun looking at investment opportunities outside of China.
Meanwhile Commerzbank, Germany, is beginning to divest from equity real estate holdings in the UK. Lloyd's of London insurance has a long term lease with a clause that allows it to renew indefinitely.
Pin An, established in 1988, manages $400 billion in assets.
Click Property Investor Europe to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
