South Korea’s Samsung Group has acquired the Commerzbank Tower in Frankfurt am Main via German investment manager Patrizia, which confirmed the deal on Friday.
PropertyEU reported in August that Samsung had been named as the preferred bidder for the 259-metre tower, Germany’s tallest building.
Although financial details were not disclosed, Samsung Life spokesman Lee Seung-cheol said at the time that Samsung SRA Asset Management, a real estate investment subsidiary of Samsung Life Insurance, had agreed to pay around 900 bn Korean won (€730 mln) for the property. Other reports put the price at around €800 mln.
Commerzbank instructed JLL in October 2015 to sell the 120,730 m2 property, which has been held in a closed-end fund in which the bank is a shareholder. The bank has signed a long-term lease for the sole tenancy of the property.
Patrizia said it has invested around €1.3 bn in European real estate for Asian investors in the past 15 months.
The German company currently manages real estate assets worth around €17 bn, primarily as a co-investor and portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks.