Mayer Brown has advised Gaw Capital Partners, the Hong Kong-based real estate private equity firm, on the purchase and financing of London’s Tower Place on behalf of Ping An Insurance.

Tower Place is the second landmark property Gaw Capital has acquired on behalf of Ping An, China’s second-largest insurer, following its acquisition of the iconic Lloyd’s building for £260 million, on which Mayer Brown also advised.
The Grade A, 385,000 sq feet office complex, situated in London’s EC3 insurance district was designed by world renowned architect Sir Norman Foster and is 99 percent occupied.

Martin Wright, European Head of Real Estate at Mayer Brown, said: "We are delighted to have acted for Gaw Capital and Ping An on its second significant purchase in London. 2014 was a spectacular year for returns and investment volumes, especially in London where we saw an influx of overseas capital. 2015 looks set to continue with solid transaction levels as new capital pours in to London. Whilst this will maintain pressure on yields, it will remain a very attractive destination for global investors, particularly Asian pensions funds and insurers, who will be significant players in the market. We look forward to working with Gaw Capital and Ping An as they continue to invest in quality overseas properties, like Tower Place.”

The Mayer Brown team was led by European Head of Real Estate, Martin Wright and included Real Estate Finance partner Andrew Hepner and senior associate Danielle Gerber.

Mayer Brown has recently acted for a number of overseas investors on high value UK transactions, including advising Sinar Mas Land Limited on the agreement for sale of New Brook Buildings for £113.7 million, Gaw Capital Partners on the acquisition of Exchange Tower in London’s Docklands for £191 million and China Overseas Holdings Limited on its forward purchase of Carmelite Riverside, London for £143 million.