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Source: China Daily China Daily

Ping An buys another London landmark

Published: 25 Feb 2015 01:21:15 PST

Ping An buys another London landmark

Photo shows the Tower Place in London. [Photo/Tower Place websit]

Ping An Life Insurance (Group) Co of China Ltd has acquired another landmark site in London, after it bought the Lloyds of London building a year and half ago.

The second-largest insurer in China has bought Tower Place in the city of London from Deutsche Asset & Wealth Management's real estate investment business, Gaw Capital Partners, a Hong Kong-based private-equity fund management company said in a statement on Friday.

Deutsche Asset & Wealth Management sold Tower Place on behalf of its open-ended real estate fund Grundbesitz Europa.

Gaw Capital Partners said it provided services, including due diligence, to Ping An. It did not disclose the exact purchase number. But real estate website Propertyeu.info said the deal was worth 327 million pounds ($491 million).

Ping An in July 2013 bought the Lloyds of London building for 260 million pounds ($387 million) from a German fund managed by Commerz Real.

Tower Place is located in the financial section of City of London. Its main tenant is Marsh & McLennan Cos Inc.

According to CBRE's latest report, the level of cross-border investments by Asian investors continued to rise in the first half of 2014, an increase of 40 percent from the prior year with 23 percent of the active capital coming from China, second to Singapore (29 percent) and Hong Kong (25 percent). Outbound real estate investment has become the "new normal" for Chinese enterprises, the global real estate service company said.

Related Story

Top 6 landmarks bought by Chinese firms by chinadaily.com.cn

As China's domestic economy slows down, Chinese companies are speeding up overseas expansion, tapping new markets or buying assets. Landmark buildings are increasingly becoming favored targets.

Let us take a look at some famous buildings bought by Chinese companies.

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1. General Motors building

In June 2013 a group of investors led by Chinese real-estate tycoon Zhang Xin bought a 40 percent stake in the 50-story General Motors building in midtown Manhattan in New York at a price of $1.4 billion.

Ping An buys another London landmark

General Motors building (center) in midtown Manhattan in New York. [Photo/Agencies]

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2. Lloyds of London building

Chinese insurer Ping An Insurance (Group) Co of China Ltd bought the Lloyds of London building for 260 million pounds ($387 million) from a German fund managed by Commerz Real in July 2013 after China eased restrictions on Chinese companies investing in overseas real estate.

Ping An buys another London landmark

View of the Lloyd's of London building in the City of London, March 27, 2014. [Photo/IC]

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3.One Chase Manhattan Plaza

Fosun International Ltd, the largest private-owned conglomerate on the Chinese mainland, purchased One Chase Manhattan Plaza, a Grade A office building, for $725 million in Manhattan.

Ping An buys another London landmark

One Chase Manhattan Plaza is a 60-story, 2.2 million square foot office building, which used to be the global headquarters of Chase Manhattan Bank.[Photo/people.com.cn]

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4. Edificio Espana

Chinese commercial property company Dalian Wanda Group purchased Edificio Espana, a historic skyscraper, in Madrid, Spain, for 265 million euros ($361 million) in June, 2014.

Wanda purchased the building from Spain's biggest bank Santander, who bought the building just before Spain's property bubble burst in 2007, for nearly 390 million euros.

Ping An buys another London landmark

The 28-story Edificio Espana, Spain's tallest building when it was built in the late 1940s, is a central landmark in Madrid and used to house a hotel, though it has been vacant for several years. [Photo/IC]

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5. 10 Upper Bank Street

China Life Insurance Co, the country's largest insurer, together with Qatar Holding bought 10 Upper Bank Street, a building in Canary Wharf, for 795 million pounds. China Life has a 70 percent stake in the building.

Ping An buys another London landmark

Evening sunlight highlights the upper floors of, from left, HSBC Holdings Plc, No 1 Canada Square, Citigroup Inc., 10 Upper Bank Street, and JPMorgan Chase & Co, as they stand at dusk in the Canary Wharf business, financial and shopping district of London, Aug 20, 2014. [Photo/CFP]

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6. Waldorf Astoria hotel

China's Anbang Insurance Group has acquired the world-renowned Waldorf Astoria hotel in New York for $1.95 billion.

Hilton Worldwide Holdings said on Oct 6, 2014 that it has reached an agreement to sell the 60,000-square-foot landmark property that straddles Lexington and Park avenues.

Ping An buys another London landmark

View of Waldorf Astoria, the landmark New York hotel, on Oct 6, 2014 in New York City. [Photo/IC]

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