London; Global legal practice Norton Rose Fulbright has advised Commerz Real on the £260 million sale of the Lloyd’s of London building to a large Chinese insurer.

The distinctive Richard Rogers-designed office tower in the City of London is the headquarters of Lloyd’s of London, the world’s leading insurance market.

Norton Rose Fulbright’s real estate team advised a fund managed by Commerz Real, part of the Commerzbank Group and a long term client of the practice, on all aspects of the sale.

London based real estate partner David Hawkins led the team, together with Karen Fielding, of counsel and associate Alun Price. Assistance was provided by Frankfurt based partner Oliver Sutter and associate Bernhard Fiedler on German law aspects.

David Hawkins, real estate partner, Norton Rose Fulbright, commented:

“The sale of this iconic building is reflective of the continuing interest in London landmarks by overseas investors.”

“It is also the first of a number of potential and significant investments in London real estate assets by the Chinese insurance sector following clarification by the China Insurance Regulatory Commission on the rules governing overseas investments.”

Mayer Brown, led by real estate partner Martin Wright, advised the purchaser. The transaction closed on 3 July 2013.

The Lloyd’s of London Building is one of a number of London landmarks Norton Rose Fulbright has advised on, including advising the purchasers and developers of Battersea Power Station, a joint venture between Malaysia’s leading property developer SP Setia Berhad, Sime Darby Berhad and the Employees Provident Fund of Malaysia, and advising DP World on the development of its £2 billion 1,500 acre London Gateway facility on the north bank of the Thames.