The building, a landmark¹ property in London and home to the world's leading insurance market, was owned by German asset management fund Commerz Real.

 

Chinese firms have been looking to buy assets in key markets in their quest to expand their presence globally.

 

Earlier this year, Dalian Wanda Group, a Chinese property developer, announced a £1bn investment in the UK.

 

Jon Crossfield, a director with Savills which advised on the Lloyd's of London building deal, said that it was "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 illustrates² the dominance of overseas investors³ in London at present."

 

Though Savills did not name the buyer in its statement, various reports, including that from China's state-owned Xinhua news agency said that it was Ping An Insurance.

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