INDUSTRY NEWS

Ping An Insurance Group buy Tower Place

Ping An Insurance of China Ltd has bought a London office space in Tower Place for approximately £327 million. Ping An bought the office space from Deutsche Asset & Wealth Management.

It was reported that Ping An Insurance Group , the second largest insurer in China by market capitalisation, bought the property late last week.

Tower Place is located in London’s insurance district and was famously designed by Norman Foster. It stretches an impressive 385,000 square feet of office space, and a further 24,300 feet of retail space. Tower Place’s biggest tenant to date is Marsh & McLennan Cos Inc. according to Gaw Captial Partners, advisors for Ping An.

Hong Kong private equity firm, Gaw Capital Partners, instructed the Chinese insurance company on it’s latest office purchase.

The Chinese Insurance group has also previously bought Lloyds Building in London’s financial district, in the summer of 2013.

European offices tend to offer higher values than similar offices in Asian cities, which draws high demand from Asian financial companies.

Ping An Insurance Group has been involved in one of Hong Kong’s largest share offerings of the year, when a conglomerate including Alibaba Group Holding Ltd and Tencent Holdings Ltd bought stakes in the insurance company last year.

By: Kirsty MacGregor

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