Samsung Life Insurance Co. Ltd. has completed the sale of Commerzbank AG’s London headquarters to Singapore’s property investment firm Wing Tai Holdings for 460 million pounds ($591 million), according to insurance industry sources on Nov. 28.
The unit of the Samsung Group netted 150 million pounds in proceeds from the sale.
In 2013, it acquired the 37,160-square-meter building from Singapore’s GIC for 310 million pounds which marked then the largest offshore property acquisition by a South Korean insurer.
The eight-story property in the City of London is leased to Germany’s Commerzbank and Investec Asset Management.
In early 2017, Samsung Life Insurance’s real estate arm, Samsung SRA Asset Management Co. Ltd., has secured 100 billion won in capital gains from the sale of 30 Crown Place in London to a Chinese fund for 340 billion won ($289 million).
By Daehun Kim
<Edited by Yeonhee Kim>