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| Lloyd's building sold to Chinese insurance group in £260m deal | Lloyd's building sold to Chinese insurance group in £260m deal |
| (about 2 hours later) | |
| The landmark City headquarters of Lloyd's of London has been sold to Chinese insurance company Ping An in a £260m deal. | The landmark City headquarters of Lloyd's of London has been sold to Chinese insurance company Ping An in a £260m deal. |
| An innovative glass-and-steel construction designed by Lord Rogers and opened in 1986, the building had been owned by German asset management fund Commerz Real. | |
| Commerz Real bought the building, home to the world's leading insurance market, for £231m in 2005. Lloyd's lease on the site in One Lime Street expires in 2031. | Commerz Real bought the building, home to the world's leading insurance market, for £231m in 2005. Lloyd's lease on the site in One Lime Street expires in 2031. |
| Jon Crossfield, a central London director of Savills, which handled the latest transaction, said: "This is a potentially landmark transaction, given it is the first by a Chinese insurance company overseas. | Jon Crossfield, a central London director of Savills, which handled the latest transaction, said: "This is a potentially landmark transaction, given it is the first by a Chinese insurance company overseas. |
| "It is a high-profile and confident entry to the market for them and further illustrates the dominance of overseas investors in London at present." | "It is a high-profile and confident entry to the market for them and further illustrates the dominance of overseas investors in London at present." |
| Roland Holschuh, a Commerz Real board member, said: "We are delighted with the transaction and it has been a major success for our investors. | Roland Holschuh, a Commerz Real board member, said: "We are delighted with the transaction and it has been a major success for our investors. |
| "The current liquidity and investor demand within the London market presented an ideal time for us to seek an exit in line with our original business plan." | "The current liquidity and investor demand within the London market presented an ideal time for us to seek an exit in line with our original business plan." |
| Humbert Pang, head of the China division at Gaw Capital Partners, which advised on the sale, said it was "seeing more opportunities to assist Chinese institutional investors going overseas". | Humbert Pang, head of the China division at Gaw Capital Partners, which advised on the sale, said it was "seeing more opportunities to assist Chinese institutional investors going overseas". |
| The Lloyd's building, which took eight years to construct, is noted for its futuristic design which includes service features such as pipes and lifts on its exterior. | The Lloyd's building, which took eight years to construct, is noted for its futuristic design which includes service features such as pipes and lifts on its exterior. |