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Chinese megacorp snaps up London's Tower Place for $482M
By Juwai, 26 January 2015
Ping An Insurance – the second largest insurance conglomerate in China – has just picked up yet another landmark property in London.
Earlier this month, we mentioned that Chinese commercial property investments would ramp up this year, and it seems that we were spot on.
Ping An Insurance – who made headlines when it acquired the iconic Lloyd’s Building in London for US$388 million back in July 2013 – scooped up the Tower Place in London’s financial district for ₤419 million (US$482 million).1
Strategically situated near the Tower of London, the Tower Place is a sprawling office building of approximately 35,7000-sq m, and currently houses the UK headquarters for Marsh & McLennan Companies (MMC).2
Besides major Chinese developers, Chinese insurance companies are also big movers and shakers when it comes to making major deals in offshore real estate investments in their bid to diversify and expand their assets abroad.
Other major insurance companies that made the rest of the world sit up last year was Anbang Insurance Group, who bought Waldorf Astoria in New York for US$1.95 billion3; China Life, who purchased a Canary Wharf building in London for US$1.35 billion4; and Sunshine Insurance Group, who acquired Sheraton on the Park in Sydney for US$401 million.3
With such exciting developments just one month into the New Year, we’re all agog for the next big deal from Chinese mega corporations.
Be sure to stay locked on for more China updates!
Sources: 1. BBC; 2. SCMP; 3. Mingtiandi.com; 4. Mingtiandi.com