Samsung’s financial firms to buy Germany’s tallest building

SEOUL, Aug. 11 (Yonhap) — A consortium of South Korea’s Samsung Group subsidiaries has won the bid to acquire Commerzbank Tower, the tallest building in Germany, industry officials here said Thursday.

Commerzbank has picked the consortium, led by Samsung SRA Asset Management Co., as the preferred bidder for the 56-story, 259-meter-high skyscraper in Frankfurt, they said.

The Samsung offshoot for real estate investment is wholly owned by Samsung Securities Co., and the consortium also involves Samsung Life Insurance Co. and Samsung Fire & Marine Insurance Co.

Its rivals in the bidding for the building, which is priced at around 900 billion won (US$801 million), reportedly included the Government of Singapore Investment Corp. and Korea Investment & Securities Co.

Commerzbank Tower is shown in the center of this file photo.

The building is home to Commerzbank’s headquarters. The bank plans to continue to use the building on lease even after the sale, a source said.

The German bank is part of a bitter chapter of South Korean finance.

Shortly after South Korea experienced a financial crisis in 1998, Commerzbank became a major shareholder of Korea Exchange Bank and later sold its stakes to the Loan Star Fund.

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