July 8, 2013
The iconic Richard Roger’s-designed Lloyd’s Building at One Lime Street, London EC3, has been sold to Ping An, a Chinese insurance company for £260 million, it’s been confirmed. The Lloyd’s Building will continue to house the world’s leading insurance market as it is let in its entirety to the Society of Lloyd’s on a lease expiring in 2031. Jon Crossfield, director within Savills’ Central London team, says “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.” The commercial property deal, which represents the first purchase by a Chinese insurance company in the UK was managed by Commerz Real and advised by Savills and CBRE.
Roland Holschuh, the member of the Management Board of Commerz Real AG responsible for the real estate business, says “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 Lloyd’s building took eight years to build and 33,510 cubic meters of concrete, 30,000 square metres of stainless steel cladding and 12,000 square metres of glass were used during its construction. Since it opened in 1986, its unusual design, which puts its services such as staircases, lifts, electrical power conduits and water pipes on the outside, has been the subject of much debate.