A consortium of Samsung Group companies has been named as the preferred bidder for Frankfurt's Commerzbank Tower, Germany's tallest building.
Samsung Life spokesman Lee Seung-cheol announced that Samsung SRA Asset Management Co., a real-estate investment subsidiary of Samsung Life Insurance, had agreed to pay around 900 bn Korean won (€730 mln) for the property.
The pending transaction was first reported by South Korean media outlets.
Commerzbank instructed JLL in October 2015 to sell the 120,736 m2 property, which has been held in a closed-ended fund in which the bank is a shareholder.
The 259 metre tall tower, with offices on 53 storeys as well as restaurants, cafes and event spaces, was designed by Foster + Partners and opened in 1997.
Media reports suggest that Commerzbank is likely to remain sole tenant of the tower after the transaction is completed. Lee said the deal would probably close one or two months after due diligence.
