Lloyds Bank Commercial Banking has provided Chinese insurer Ping An with the £200m debt to buy Tower Place.

Tower Place

Tower Place in the City

The bank has fully underwritten a five-year senior acquisition financing loan worth over £200m on Tower Place for Ping An Life Insurance.

Deutsche Asset & Wealth Management sold the City asset on behalf of its open-ended real estate fund Grundbesitz Europa to Ping An Life Insurance for £327m this week.

The London office, designed by Sir Norman Foster, was acquired in September 2003 and comprises 385,000 sq ft. The key tenant is international consultancy Marsh & McLennan Companies.

Madeleine McDougall, head of origination At Lloyds Bank’s corporate real estate team, said: “This agreement with Ping An Insurance, one of China’s major financial sponsors, represents our appetite to support major inward investment into UK real estate from global institutions. In this capacity, we can help international investors leverage our extensive expertise of the UK market. Tower Place is a landmark building in the City and a trophy asset.”