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July 9, 2013
Chinese Institutional Investment in London Commercial Property: Ping An Purchase Iconic Lloyd’s Building
China’s second largest insurance company Ping An is now the first Chinese insurer to invest in London. Previously owned by German asset management fund Commerz Real, the iconic Lloyd’s building designed by Richard Rodgers has now been agreed to go for Sale at £260m reflecting a 6.1% NIY.
This news follows a recent increase in Chinese investments including Chinese conglomerate Dailin Wanda acquiring the mixed used development at One Nine Elms and commercial developer Advanced Business Park which is going to invest £1bn to transform Royal Albert Dock. Asian investment has grown in the past 4 years with a 3.3% share of the total investment market initially in 2009 whereas this year they have spent £595 million or almost half of all investments.