Member Article

Chinese insurance company acquires London's Tower Place

Gaw Capital Partners, the Hong Kong-based real estate private equity firm, has announced that on behalf of Ping An Insurance, it has successfully acquired Tower Place, located in London’s EC3 insurance district.

It is another landmark property acquired by Gaw Capital Partners for Ping An Insurance following the acquisition of Lloyd’s Building in London’s financial district in July 2013.

In addition to leading the acquisition process (including due diligence), Gaw Capital Partners is also providing debt financing advising with this transaction.

Tower Place, which is situated in London’s internationally recognized EC3 insurance district, was designed by world renowned architect Sir Norman Foster and built by Tishman Speyer, it is a Grade A office complex.

Completed in 2003, the property provides 35.7 thousand square meters (or 385 thousand square feet). The property is currently 99.3% occupied, primarily leased to Marsh & McLennan as its UK headquarters.

The seller is an open real estate fund represented by RREEF Investment GmbH.

Goodwin Gaw, managing principal and chairman of Gaw Capital Partners, said: “We are pleased to work for Ping An Insurance again, helping them with this significant UK investment. This transaction demonstrates the trust and confidence of China’s institutional investors in us.

“As a company active in the real estate market of Greater China and Asia Pacific, Gaw Capital Partners is dedicated to helping China’s and Asia’s investors look for more and more investment opportunities with higher returns in the overseas real estate markets. We want to provide higher ROIs for our clients by investing in quality overseas properties like Tower Place.”

This was posted in Bdaily's Members' News section by Ellen Forster .