Lloyd’s seals new lease agreement with Ping An – report
Lloyd’s seals new lease agreement with Ping An – report | Insurance Business Asia
Insurance News
Lloyd’s seals new lease agreement with Ping An – report
Marketplace poised to remain in famous headquarters until 2041
Insurance News
By
Terry Gangcuangco
Lloyd’s has reportedly secured a new lease agreement with the insurance marketplace’s landlord to remain in its renowned London headquarters for at least another 18 years.
Citing real estate sources, a Sky News report said the current agreement with building owner Ping An – the Chinese insurance giant that acquired the property from Commerzbank in 2013 – will be replaced with an extended lease.
It was noted that the agreement in place at present features a break clause, which will be removed, and that the lease would end in 2031 if not for the soon-to-be-announced extension.
According to Sky News, the new terms – including yearly increases in rent ranging from 3% to 5% – could be unveiled as soon as next week.
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