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China's Ping An Bidding for Lloyds of London Building

LONDON—Commerzbank of Germany divesting some of its UK assets.

By David Phillips | Updated on April 20, 2013

LONDON—Chinese insurance firm Ping An plans to buy the iconic Lloyds of London building for around $396 million (£260m).

The seller will be Commerzbank’s Commerz Real Funds unit. This will be the first London acquisition for Ping An, which is China’s second-largest insurer. Website Property Investor Europe says the firm has recently begun looking at investment opportunities outside of China.

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