A Chinese insurance company has secured an off-market deal to purchase the Corn Exchange at 55 Mark Lane, EC3, from its compatriot Reignwood Group.
Founded in Shanghai in 1929, China Taiping, is the longest standing national brand in China’s insurance industry. The firm has agreed to pay around £120m – a 5% yield – for the 160,000 sq ft building.
It is thought to be the company’s first significant commercial property investment in the UK.
Beijing-based Reignwood bought the building at the start of last year for £92.5m from the CS Euroreal fund.
Hong Kong-headquartered China Taiping has been operating as an insurance company in the UK since the 1980s.
It was among the first wave of 13 companies to reserve a building at ABP’s planned Royal Albert Docks development, E16.
