Ping An Pays $388M For Lloyd's Of London Headquarters

Law360, New York (July 8, 2013, 2:52 PM EDT) -- Funds managed by German lending giant Commerzbank AG sold a central London office building that houses the headquarters of insurance giant Lloyd's of London PLC to Ping An Insurance Group Co. of China Ltd. on Monday for £260 million ($388 million).

Commerzbank had owned the property at 1 Lime St., known as the Lloyd's building, since 2005. U.K. real estate broker Savills PLC announced Monday that the German lender had sold the property to "China's leading insurance company," and a person familiar with the matter confirmed...
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