Ping An buys UK office
China’s Ping An Insurance Group has purchased Tower Place in the City of London submarket for approximately £327 million (US$495.1 million) from Deutsche Asset & Wealth Management’s real estate investment business on behalf of its open-end real estate fund Grundbesitz Europa.
The office property, designed by Sir Norman Foster, was acquired in September 2003 and comprises roughly 35,768 square metres. The key tenant is international consultancy Marsh & McLennan Co.
Grundbesitz Europa has a total asset value of €4.193 billion (US$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 iconic Lloyd’s Building in the City of London for £260 million (US$403 million).
Although it dropped to second place in the 23rd annual survey taken among the members of the Associati