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Ping An buys 2nd property in London
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CHINA Ping An Insurance Co has acquired another landmark property in London, its second significant real estate investment in the same city in one-and-a-half years.
The country’s second-largest insurer by revenue bought 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 yesterday in a statement.
Ping An paid 419 million euros (US$470 million) , earlier media reports said.
In July 2013, the Chinese insurer 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, Tower Place provides 35,700 square meters of office space and is almost fully occupied.
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 made headlines as they invested in trophy real estate assets in several global gateway cities.
Major deals included China Sunshine Insurance Group’s US$400 million purchase of a Sheraton hotel in Sydney, Australia, and Anbang Insurance Group’s US$1.95 billion acquisition of the Waldorf Astoria Hotel in New York, US.
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