SHANGHAI (Reuters) - Ping An Insurance Group Co of China Ltd (HK:2318) (HK:2318), China's second-largest insurer by market capitalisation, has bought London office property Tower Place for 327 million pounds, the building's seller said.
Deutsche Bank AG's (DE:DBKGn) asset and wealth management division said Ping An bought the property in a statement late on Thursday. Ping An did not respond to calls for comment.
Tower Place was designed by renowned architect Sir Norman Foster and sits in London's insurance district. The anchor tenant of the 385,000 square feet building is U.S. insurance consultancy Marsh & McLennan Companies Inc (N:MMC), Deutsche Asset & Wealth Management said.
Ping An is no stranger to buying landmark property in London, having previously bought Lloyds Building in the city's financial district in July 2013.
Gaw Capital Partners, a Hong-Kong based private-equity firm, advised Ping An on its latest acquisition, according to a statement from Gaw.
Ping An was involved in one of the largest Hong Kong share offerings of last year, when a consortium involving Alibaba Group Holding Ltd (N:BABA) and Tencent Holdings Ltd (HK:0700) purchased stakes in the insurer in December.