The specialist Lloyd’s of London insurance and reinsurance marketplace has signed a deal with Ping An to remain at its iconic headquarters until 2041, according to a Sky News report.
Sky News claims that after more than a year of negotiating, a long-term deal is closed to being agreed with the Chinese insurer.
According to Sky News’ industry sources, Lloyd’s and Ping An have agreed as part of the deal to remove a break clause in the lease in 2026.
The existing agreement is set to expire in 2031, and will reportedly be replaced with a new one under which annual rent increases will range from between 3% to 5%, the real estate sources told Sky News.
The same sources also confirmed that Ping An will invest £20 million in upgrading the building’s energy efficiency in an effort to improve its carbon footprint.
Ping An has owned the Lloyd’s building since 2013, after acquiring it from Commerzbank for £260 million.
A Lloyd’s spokesperson told Sky News: “We’re building the marketplace of the future, which means having both a fully integrated digital offering and a thriving physical space for our market to convene.
“While our workplace strategy and future leasing arrangements remain under consideration, our preference is to stay in the building if the right terms are agreed. We remain on course to confirm our plans later this year.”
