The freehold on the famous Lloyd’s of London building has been sold to Chinese insurer Ping An.

Commerzbank, which owned the freehold from 2005, is believed to have netted about £260 million ($379 million) in the deal.

The sale has led to speculation Lloyd’s may move. A clause in its leasehold allows it to leave in 2021, and reports suggest it is talking to property developers.

However, Lloyd’s says it is “aware of the possible sale of the building, but it’s not an issue that impacts us”.

“We haven’t owned the Lloyd’s building since 1996 but have the right to stay as a tenant in perpetuity,” a spokesman said.