German bank Commerzbank, which last week announced substantial job cuts, has now sold its Commerzbank Tower in Frankfurt to Samsung Asset Management.
Commerzbank is undertaking large-scale restructuring and the bank is also cutting its dividend payment for the first time. Its business calibration will see it focusing on its «core» businesses of private and small business customers and corporate clients as well as digitising more processes.
The sales price has not yet been made public, although the building which is Germany’s tallest, has been reported to be worth in the region of 800 million euros.
German Government Ownership
In a press release Real Estate Investment Manager Patrizia Immobilien said it was acquiring the 259 metre high asset on behalf of the South Korean investor. 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.
Commerzbank is 15 percent owned by the German government, which took the stake during the financial crisis in 2008.
