INDUSTRY NEWS

Chinese firm to snap up Lloyd’s of London office building for £260m

An iconic building in the heart of the City is set to be snapped up by a Chinese life insurance firm.

Ping An looks set on purchasing the Lloyd’s London office building for a reported £260 million.

Nicknamed by some as the ‘Inside Out’ building, 1 Lime Street, is owned by the German investment group Commerz Real. The firm, which bought the City of London office block in 2005, has looked to sell the property for quite some time according to a report from The Times.

Designed by the architect Lord Richard Rogers – whose firm is also responsible for the design of the 122 Leadenhall Street skyscraper, nicknamed the ‘Cheesegrater’, and also One Hyde Park -  the building offers around 340,000 sq ft of prime London office space.

Only 25 years after work was complete, the building became the youngest property to ever receive a Grade I listing in December 2011. It is home to the insurer Lloyd’s of London, other tenants include Regus.

Speaking of the impending deal, a Lloyd’s of London spokesman said: ” Lloyd’s is aware of the possible sale of the building but it’s not an issue that impacts us.

“We haven’t owned the Lloyd’s building since 1996 but have the right to stay as a tenant in perpetuity.”

Neither of the two parties involved in the deal have yet made a comment.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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