Lloyds Bank Commercial Banking has underwritten a sterling loan facility for Ping An for more than £200m to finance its acquisition of Tower Place, EC3.
Tower Place, the UK headquarters for Marsh & McLennan, covers 385,000 sq ft in a Foster & Partners designed building.
The purchase was Ping An’s second commercial real estate deal in London, following its purchase of the Lloyds Building in 2013.
Lloyds Global Corporate Real Estate head of origination Madeleine McDougall said: “Following the recent opening of our Asia Pacific coverage office in Singapore, we are delighted to support Ping An with its second London acquisition.
“This agreement with Ping An Insurance, one of China’s major financial sponsors, further illustrates our continued commitment and support to major inward investment into UK real estate from global institutions. In this capacity, we can help international investors leverage our extensive expertise of the UK market. Tower Place is a landmark building in the City and a trophy asset.”
Clifford Chance advised Lloyds Bank Commercial Banking; Mayer Brown and Gaw Capital advised Ping An.
