There has been quite a big fuss surrounding the real estate world. Rumors had been spread saying that Samsung Group companies wanted to buy one of Germany ’s tallest building.
Well these rumors came out to be actually true! Samsung Group companies are indeed planning to buy Germany’s tallest skyscraper, and more specifically the Commerzbank Tower which is located in Frankfurt, in a real estate deal valued at more than $800 million. The confirmation was made by Samsung Life's spokesman, Lee Seung-cheol. Mr. Lee said: “The deal would likely close in one or two months after due diligence is completed, with Samsung paying around 900 billion Korean won (that means 814 million dollars) for the 850-foot-tall building, which was designed by Norman Foster’s architectural firm, Foster and Partners. While Samsung SRA is leading the Commerzbank deal, its consortium would also include investments from Samsung Securities Co. and Samsung Fire & Marine Insurance Co.” It is well known that Samsung SRA has previously purchased a number of commercial properties in South Korea and the U.S. that it operates as real-estate investment trusts, such as the CoBank Center which is located in Denver and the BMO Harris Bank building which is located in Chicago.