Commerzbank sells Commerzbank Tower to Samsung SRA Asset Management
09/30/2016
Today, Commerzbank agreed the sale of the Commerzbank Tower to Samsung SRA Asset Management, a subsidiary of the life insurance division of the Samsung Group. Since first occupancy in 1997, the building has belonged to two closed-end funds of Commerzbank’s subsidiary Commerz Real. Commerzbank has decided to make use of its specific right of pre-emption and sell the building – at 259 meters Germany’s tallest office building – to the South Korean investor. The closing is expected for summer 2017. Both parties have agreed that confidentiality be maintained on the price.
Commerzbank will continue to be based in this building located at Frankfurt’s Kaiserplatz and has signed a 15-year tenancy agreement with the future owner. Furthermore, the Bank has the option to prolong the contract. The tenancy agreement will ensure significant long-term savings for the Bank.
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About Commerzbank
Commerzbank is a leading international commercial bank with branches and offices in more than 50 countries. The core markets of Commerzbank are Germany and Poland. With the business areas Private Customers, Mittelstands¬bank, Corporates & Markets and Central & Eastern Europe, its private customers and corporate clients, as well as institutional investors, profit from a comprehensive portfolio of banking and capital market services. Commerzbank finances more than 30 per cent of Germany’s foreign trade and is the unchallenged leader in financing for SMEs. With its subsidiaries Comdirect and Poland’s M Bank it owns two of the world’s most innovative online banks. With approximately 1,050 branches Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts more than 16 million private customers, as well as 1 million business and corporate clients. The Bank, which was founded in 1870, is represented at all the world’s major stock exchanges. In 2015, it generated gross revenues of €9.8 billion with 51,300 employees.
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