Commerzbank AG, Germany’s second-biggest bank, sold the former Dresdner Bank building in Frankfurt to a group led by IVG Immobilien AG.
A three-year renovation of the building, known as the Silver Tower, will be completed by the end of December, Frankfurt-based Commerzbank said in a statement today, without disclosing the property’s value. Deutsche Bahn, the German railway company, will move into the tower in the first half of 2012, the bank said.
“In IVG we have won a strong partner that submitted an economically coherent concept for the purchase of the building at an early stage,” Commerzbank Chief Operating Officer Frank Annuscheit said in the statement. IVG is a Bonn-based real-estate investor.
Commerzbank was forced to tap Germany for about 18 billion euros ($25 billion) of capital during the credit crisis. Last month, the company said it doesn’t plan to ask for government funds after a European regulator deemed that the lender required more than half the capital needed by all the country’s banks.
The Silver Tower, completed in 1978, has a height of 166.7 meters (547 feet), according to the city of Frankfurt’s official website. It was Germany’s tallest building until 1991. It’s now Frankfurt’s sixth-tallest, the website shows.
Commerzbank bought Dresdner Bank from Allianz SE in January 2009.