Ping An Buys Again in EC3
China’s second largest insurance firm Ping An has purchased Tower
Place, EC3 in the City of London. The purchase follows from
Ping An’s purchase of the Lloyds building in Lime Street.
The sale was recently completed at a reported figure
of 419 million euros. The building was formerly owned by Deutsche Asset &
This continued appetite for investment in London from Asian
firms is led primarily by higher yields for office property in Europe than
Asia. 10 billion euros in total was spent on European office investments by
Asian firms in 2014.
Tower Place overlooks world heritage site the Tower of
London. Designed by Foster and Partners, it is a multi-use development
consisting of 354,000 sq ft of office space as well as 24,300 sq ft of shops. World
leading insurer Marsh & McClennan is the majority office occupier.
For further discussion please contact David Alcock or Chris Sutcliffe.
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