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Ping An buys Tower Place in London
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CHINA Ping An Insurance Co has acquired another landmark property in London, the latest evidence for an ongoing overseas buying spree among Chinese insurers.
The country's second-largest insurer in terms of revenue has acquired Tower Place, a Grade A office complex located in London's EC3 insurance district, Gaw Capital Partners, which provided investment consulting service for Ping An in this deal said today in a statement.
The acquisition costs Ping An about 419 million euros, earlier media reports said.
It was the second significant property investment made by the Chinese Insurer in the same city in one and a half years. In July 2013, it acquired the landmark Lloyd's Building in London for nearly US$400 million.
Designed by world renowned architect Sir Norman Foster and completed in 2003, the property provides 35,700 square meters of office space and is almost fully occupied at the moment, primarily leased to Marsh & McLennan as its UK headquarters.
The seller is an open real estate fund represented by RREEF Investment GmbH, according to Gaw Capital.
Over the past 18 months, Chinese insurers have successfully made into media headlines one after another as they splashed their cash on trophy real estate assets in a number of international gateway cities.
Major deals included China Sunshine Insurance Group's US$400 million purchase of a Sheraton hotel in Sydney and Anbang Insurance Group's US$1.95 billion acquisition of the Waldorf Astoria Hotel in New York.
Asian insurance companies and pension funds are set to play an increasingly important role in the global real estate landscape over the next five years and beyond as they take advantage of changing regulations and improved knowledge of the sector to invest in these assets, while the offshore expansion of Chinese financial institutions will continue unabated, as deregulation of the yuan creates huge investment opportunities overseas, according to international real estate services provider Knight Frank.
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