Ping An Insurance Said to Make Offer for Frankfurt’s The Squaire

Ping An Insurance (Group) Co., China’s second-largest insurer, has submitted a bid for The Squaire building in Frankfurt, people with knowledge of the matter said.

The Squaire, a ship-like office and hotel complex perched atop the train station at Frankfurt airport, could fetch as much as $1 billion, said one of the people, who asked not to be named as the information is private. IVG Immobilien AG, which built the property in 2011 for more than 1 billion euros ($1.24 billion), has hired CBRE Group Inc. to manage the sale, the people said.