[Courtesy of Samsung Life Insurance]
A consortium of Samsung group units has been selected as the preferred bidder for Commerzbank Tower, the tallest office building in Germany, a press report said Thursday.
The consortium, led by Samsung SRA Asset Management Co., beat Korea Investment Securities and GIC, the sovereign wealth fund of Singapore, in the race to acquire the prime real estate in Commerzbank AG's headquarters in Frankfurt, Yonhap News agency said.
The consortium's proposed price is estimated at 900 billion won (818 million US dollars), it said.
The Samsung consortium, which also involves Samsung Securities, Samsung Life Insurance, and Samsung Fire & Marine Insurance, has created a fund to attract investors for the acquisition of the 259-meter tower, Yonhap said.
Commerzbank, a global banking and financial services company, saw its revenue and net profit declining in the second quarter due to negative interest rates and a high deposit ratio.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
