Ping An Acquires City of London Property for $482 Million

Ping An Insurance (Group) Co. bought Tower Place, an office property in the City of London financial district, for 419 million euros ($482 million).

Ping An, China’s second-largest insurer, acquired the building from Deutsche Asset & Wealth Management, the German company said in a statement today. The low-rise office and shopping complex near the Tower of London was valued at 369 million euros in a Deutsche Bank fund update in September.