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Landmark Lloyd's of London Building Sold to Chinese

Source: Daily Telegraph

Posted on 09 Jul 2013 by Neilson

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Lloyds BuildingAn innovative glass-and-steel construction designed by Richard Rogers and opened in 1986, the building had been owned by German asset management fund Commerz Real.

Commerz Real bought the building, home to the world's leading insurance market, for 231 million pounds in 2005. Lloyd's lease on the site in One Lime Street expires in 2031.

Jon Crossfield, a central London director of Savills, which handled the latest transaction, said: "This is a potentially landmark transaction, given it is the first by a Chinese insurance company overseas.

"It is a high-profile and confident entry to the market for them and further illustrates the dominance of overseas investors in London at present."

Roland Holschuh, a board member of Commerz Real, said: "We are delighted with the transaction and it has been a major success for our investors.

"The current liquidity and investor demand within the London market presented an ideal time for us to seek an exit in line with our original business plan."

Humbert Pang, head of the China division at Gaw Capital Partners, which advised on the sale, said it was "seeing more opportunities to assist Chinese institutional investors going overseas".

The Lloyd's building, which took eight years to construct, is noted for its futuristic design which includes service features such as pipes and lifts on its exterior.