A German Closed End Fund managed by Commerz Real, advised by Savills and CBRE, has confirmed the sale of The Lloyds Building to China’s leading insurance company, for £260 million reflecting a net initial yield of c. 6.1%.
The transaction represents the first purchase by a Chinese insurance company in the UK. They were advised by Gaw Capital Partners US Associate, Downtown Properties.
The Lloyds Building is home to the world’s leading insurance market and let in its entirety to the Society of Lloyds on a lease expiring in 2031.
Commerz Real purchased the building in 2005 for £231 million.
Jon Crossfield, director within Savills’ Central London team, says “This is a potentially landmark transaction, given it is the first by a Chinese Insurance company overseas. It is a high profile and confident entry to the market for them and further illustrates the dominance of overseas investors in London at present.”
Roland Holschuh, the member of the Management Board of Commerz Real AG responsible for the real estate business, says “We are delighted with the transaction and it has been a major success for our investors. The current liquidity and investor demand within the London market presented an ideal time for us to seek an exit in line with our original business plan”.
Humbert Pang, Managing Principal and Head of China of Gaw Capital Partners, comments: “As an active player in the real estate market in China, Gaw Capital Partners is seeing more opportunities to assist Chinese Institutional Investors going overseas. The key for a successful overseas investment lies in the asset management capability and relationship management in both local and overseas markets.”
Source: Savills www.savills.co.uk
08/07/2013 16:23 by Buildington
The Lloyd's building has been afforded the accolade of being listed at Grade l, it was announced on the 19th of December 2011. Combining immense architectural expressiveness, futuristic design, and technical and engineering hyper-efficiency, the building - now thirty years old - has been listed on the advice of English Heritage, by the Minister for Tourism and Heritage, John Penrose.
English Heritage's Designation Director Roger Bowdler said: "We are delighted that the Minister has endorsed our advice to list the landmark Lloyd's building at Grade l. Its listing at the highest grade is fitting recognition of the sheer splendour of Richard Rogers's heroic design. Its dramatic scale and visual dazzle, housing a hyper-efficient commercial complex, is universally recognised as one of the key buildings of the modern epoch." Construction began on the Lloyd's building in June 1981 by the Richard Rogers Partnership. The Queen Mother poured concrete for one of the main columns in a ceremony in November, and returned in May 1984 for the topping-out. The building was finally occupied in May 1986. As a commercial building, Lloyd's is remarkably innovative and fit for purpose as flexibility of use was core to its design. The materials are of high quality and its futuristic High Tech design has an extraordinary timelessness that makes it appear futuristic even 25 years after opening. Richard Ward, Chief Executive of Lloyd’s, welcoming the listing said: “Lloyd’s was ahead of its time when it approved the building of One Lime Street – it’s a world famous building that has gone on to embody the world famous Lloyd’s brand. The building remains modern, innovative and unique – it has really stood the test of time just like the market that sits within it. This listing decision will protect the building against unsuitable alteration or development whilst retaining its flexibility to adapt with the market’s needs.” Roger Bowdler added: "Flexibility of use is the very essence of the Lloyd's building, as for many commercial properties, and English Heritage fully recognises this quality. Listing celebrates the special interest of a building, and ensures that its qualities are respected while enabling appropriate change to happen. We have worked closely with the owners at every stage and a management agreement is in hand, involving the original architects, which identifies future options for change within this extraordinary successful building."
21/12/2011 18:27 by Buildington
International commercial law firm Ince & Co will be opening its new London market desk on the 8th floor of the Lloyd's Building on 1 November 2011.
14/10/2011 10:45 by Buildington
Observer's architecture critic Rowan Moore introduces a spectacular interactive 360-degree panoramic photograph of Richard Rogers's Lloyd's building: http://www.guardian.co.uk/artanddesign/2011/oct/02/rowan-moore-lloyds-building-panoramic?newsfeed=true
02/10/2011 12:46 by Buildington
Lloyd's will once again be opening our unique building to the public in 2011. On Saturday 17 September we will welcome visitors from across the globe at the annual event, and we will be open from 10.00 with last entry to the building at 16.00.
Record numbers visited Lloyd's for Open House London on Saturday 18th September 2010. In all, 6464 people enjoyed touring the building as part of the capital’s biggest architectural celebration.
Government buildings, embassies, legal practices, private residences and, of course, business headquarters such as the Lord Richard Rogers’ designed Lloyd’s building were open across the city offering the public a unique look behind the scenes of London’s most important and influential structures.
Visiting the Lloyd's building was free of charge and visitors had the chance to explore the Underwriting Room, the Nelson Collection, the 18th century Adam Room and enjoy the view of London from the external glass lifts.
16/09/2011 13:23 by Buildington
Lloyd’s will once again be participating in the Open House London weekend on Saturday 17 September 2011.
Please note, there will be no guided tours on the day, however, visitors will have the opportunity to visit the Underwriting Room, the Nelson Collection, the 18th century Adam Room, and enjoy the magnificent view of London from Lloyd’s external glass lifts.
Representatives from Lloyd’s will be on hand during the day to answer any questions visitors may have.
We advise visitors to arrive early as queues are likely. Refreshments will be available.
10:00 – 17:00 (last admission 16:00) on Saturday 17 September 2011
07/08/2011 19:04 by Buildington
In a survey comparing Lloyd’s to other buildings from the 1980s, the iconic building topped the poll beating 1 London Bridge, Broadgate, M16 and Tower 42.
Nearly 40% of respondents named the external lifts as their favourite feature, closely followed by the exposed pipes and ducts which if laid out would stretch from the City to Milton Keynes.
Lloyd’s chief executive Richard Ward said: “This building is fantastic. It’s known around the world and is truly iconic.
There are many wonderful parts to it both inside and out but one of the best features is the external lifts which make you feel totally exposed and connected to the elements.
The building is 25 years old this year and is still modern, innovative and unique- it has really stood the test of time and will continue to do so no matter how many new buildings rise around it."
Lloyd’s architect, Lord Richard Rogers said: “The design of Lloyd’s was inspired by the requirements of the client and the surrounding fabric of the City of London. We created a building that could be enjoyed both by passers-by and the people working. It is beautifully detailed, rather like a Swiss watch.”
Read the full article from Post Online: http://www.postonline.co.uk/post/news/2099020/lloyds-building-1980s#ixzz1TypCdaMY
03/08/2011 19:25 by Buildington
English Heritage is preparing a report for Culture Secretary Jeremy Hunt on whether to list the Lloyd's Building, which celebrates its 25th birthday this year. Previously, structures under 30 years old have only been listed to protect them from change or demolition. The designation may help preserve what is left of its external panoramas.
Mr Ward said he welcomed the listing, likely to be Grade 1, as long as it did not prevent internal alterations. The site is home to the world's leading insurance market, with about 5,000 traders a day.
"I talk to Richard Rogers and he is quite passionate about it being retained as a building in which people work," Mr Ward said. "If it becomes so restrictive we can't move internal walls for offices, that'll be criminal."
Read the full article in Evening Standard: http://www.thisislondon.co.uk/standard/article-23968760-lloyds-listed-tower-gets-protected-status.do
11/07/2011 12:59 by Buildington
03/06/2011 08:26 by Buildington
All Lloyds building visitors must follow a dress code - suits or smart jackets, trousers and ties for men. Smart business style for women.
24/03/2011 22:56 by Buildington