Commerzbank Sells Frankfurt Office Tower

Law360, New York (November 2, 2011, 2:22 PM EDT) -- Germany's Commerzbank AG will sell the Frankfurt office building it acquired in a 2009 takeover of Dresdner Bank AG to a consortium of investors headed by real estate company IVG Immobilien AG, Commerzbank said Wednesday.

Commerzbank, which did not disclose the terms of the sale, is selling the high-rise known as the Silver Tower just as it completes renovation work to modernize the building, the bank said in a statement. IVG raised more than €200 million ($274.9 million) in equity for the investment, with institutional investors providing more than 90 percent of...
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