Chinese insurance company buys London office for £327m
Deutsche Asset & Wealth Management’s real estate investment business, on behalf of its open-end real estate fund Grundbesitz Europa, has sold Tower Place in the City of London for approximately £327 million ($495.1 million) to China’s Ping An Insurance Group.
The London office property, designed by Sir Norman Foster, was acquired in September 2003 and comprises 385,000 square feet. The key tenant is international consultancy Marsh & McLennan Co.
Grundbesitz Europa has a total asset value of €4.193 billion ($4.8 billion) and includes a portfolio of 49 properties, 39 of which are outside Germany, including six within the United Kingdom.
The investment was not Ping An’s first in London. In 2013, the Chinese insurance company acquired the Lloyd&rsquo