Chinese insurer Ping An buys Lloyd's building in London

Chinese insurance giant Ping An has made a big foray into London's City financial district by buying the Lloyd's building for 260 million pounds, estate agency Savills announced today.

Ping An Insurance has agreed to purchase the building from a German investment fund managed by Commerz Real, which is a division of lender Commerzbank.

The Lloyd's building houses insurance market Lloyd's of London.

"This is a potentially landmark transaction," said Jon Crossfield, director within Savills' Central London team.

"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.