Lloyd's of London to remain in Lloyd's Building until 2041

After negotiations spanning over a year, Ping An and Lloyd's of London have signed an agreement allowing the latter to remain in the iconic Lloyd's Building until 2041. The existing lease is due to expire in 2031.

Under the same agreement, the lease termination clause will be cancelled in 2026, and the annual rent will increase by 3 to 5%.

It is worth noting that Ping An had bought the Lloyd's Building in 2013, for 398 million USD. The Chinese insurer is expected to invest 20 million GBP (25 million USD) over the next few years to improve the building's energy efficiency and reduce its carbon footprint.