NewChina’s Ping An Insurance buys Tower Place in London

Ping An Insurance bought the Tower Place in London from Deutsche Asset & Wealth Management for £327 million, in its second purchase in the city’s financial district in less than two years.

The mainland’s second-largest insurer bought London’s iconic Lloyd’s building for £260 million in its first overseas foray in July 2013.

The Tower Place is a low-rise office and shopping complex near the Tower of London.

The building was developed by Tishman Speyer from the United States and was completed in 2003.

It provides 35,700 square metres and is currently 99.3 per cent occupied, primarily to Marsh & McLennan as its UK headquarters, according to Hong Kong-based real estate private equity firm Gaw Capital, which advised both deals for Ping An.