Seoul-based investor in talks to purchase German office
Seoul-based investor Samsung SRA Asset Management, a division of Samsung Life Insurance, is rumored to be in completed talks with a consortium led by IVG Deutschland Immobilien AG to purchase the 771,865-square-foot Silberturm Frankfurt building for €450 million ($567.8 million).
The two-building, 36-story CBD office asset serves as the headquarters for Deutsche Bahn Ag with a lease set to expire in 2027.
The transaction is part of the current trend of Asian-based investors investing their money overseas. Other South Korean institutions investing in European commercial real estate include the Hanwha Life Insurance, which acquired the 38-story Galileo Building in Germany in 2013 for €150 million ($190.5 million) and the Korean Teachers’ Credit Union, which purchased the Exchange Tower in London for £191 million ($308 million) earlier this year. And in June, Samsung purchased another Germany property, Thales Zentrale, an office