Chinese insurer buys trophy asset in London
China’s Ping An Insurance Group has acquired the iconic Lloyd’s Building in the City of London submarket for £260 million (US$403 million) from a German closed-end fund managed by Commerz Real, which purchased the building in 2005 for £231 million (US$358 million).
Located at 1 Lime Street, the landmark property, designed by Richard Rogers, is headquarters to the world’s leading insurance market, the Society of Lloyd’s, also known as Lloyd’s of London, which was founded in a London coffee house in 1688. The company operates an insurance marketplace where its members join together as syndicates to insure risks. As at 31 December 2012, its market consisted of 87 syndicates and 57 managing agents.
The building is let in its entirety to the Soci