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Iconic Lloyds of London tower sold to Chinese insurer

Iconic Lloyds of London tower sold to Chinese insurer
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Chinese insurer Ping An has bought the landmark London home of insurance market Lloyds of London for the equivalent of 300 million euros.

It was sold by Commerz Real, the German asset management fund which is part of Commerzbank.

Lloyds of London has a lease on the building until 2031.

The futuristic Lloyds of London building, which is protected under British heritage laws, is distinctive in that its air ducts and lifts are on the outside.

Opened in 1986 it is similar to the Centre Pompidou in Paris, which Richard Rogers also designed, along with Renzo Piano, the man more recently responsible London’s Shard tower.

This is the first in a predicted wave of such deals by Chinese companies in London, and other major European cities, following regulatory changes that ease restrictions on mainland Chinese companies investing in overseas property.