A Chinese insurance corporation decided to purchase the Lloyd's of London building worth GBP260 million equivalent to US$388 million. The Lloyd's of London building was the home of insurance market by Lloyd.
The building was designed by Richard Rogers and bought by Commerz Real for GBP231 million in 2005. It was still leased to the Society of Lloyd's until 2031.
Savills Plc, a London-headquartered broker, said that the acquisition was the first by a Chinese insurer in UK. The broker refused to disclose the name of the buyer.
However, in April 10, Times of London reported that China's second-biggest life insurer, Ping An Insurance Group Co., would buy the Lloyd's building.
"The current liquidity and investor demand within the London market presented an ideal time for us to seek an exit," said Roland Holschuh, Commerz Real management board member.
Chinese companies were said to be interested in investing in London because the city was considered as a refuge for foreign wealth.
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