Commerzbank is selling its Commerzbank Tower in Frankfurt to Samsung Asset Management.
The subsidiary of the life insurance division of the Samsung Group will buy Frankfurt’s tallest building next year.
Patrizia Immobilien said it is buying the 259 metre high asset on behalf of the South Korean investor.
“In pursuing their global investment strategies, major institutional investors are increasingly leveraging strategic partners that have the know-how needed in the various real-estate markets,” said Wolfgang Egger, chief executive of Patrizia Immobilien.
The sales price has not been disclosed. However, it has been reported to be worth as much as €800m.
Konrad Finkenzeller, head of institutional clients international at Patrizia Immobilien, said: “Customers from Asia appreciate our special know-how as regards their needs in real estate investments and our completely integrated investment management.”
The 120,000sqm building, in Kaiserplatz, has belonged to two closed-end funds of Commerzbank’s subsidiary Commerz Real.
The deal is expected to close next summer.
Commerzbank will continue to be occupy the office and has signed a 15-year lease. The bank also has the option to prolong the contract.