November 02, 2011
Commerzbank sells 'Silver Tower' of former Dresdner Bank
● Complex sold to a consortium of investors headed by IVG Immobilien AG
● Carbon dioxide emissions of skyscraper reduced by nearly 90 % in three years
Commerzbank is selling the Frankfurt high-rise building ('Silver Tower') as well as the managing board building of the former Dresdner Bank to a consortium of investors headed by the real estate company IVG Immobilien AG. It has been agreed that confidentiality be maintained on the details of the contract. The transaction is still subject to the approval of the corresponding regulatory authorities. As is already known, the high-rise ensemble has been leased to Deutsche Bahn on a long-term basis.
"As one of the city's first skyscrapers the Silver Tower is an important landmark in Frankfurt. In the past three years we have extensively refurbished the house and amended it in line with modern energy efficiency standards. We are now completing the successful development of the building," said Frank Annuscheit, Chief Operating Officer and member of the Board of Managing Directors of Commerzbank: "In IVG we have won a strong partner that submitted an economically coherent concept for the purchase of the building at an early stage. Thus the location will remain attractive in the long term."
Commerzbank had taken over the high-rise complex of the former Dresdner Bank in the course of the integration of the bank. The buildings have been undergoing renovation since 2009. The work is to be concluded at the end of 2011. In this respect significant progress has been made with the energy audit above all: Thus the heat consumption of the Silver Tower has been decreased by more than one third to 6,900 megawatt hours per year, the electricity consumption has been reduced by 29 % to some 11,200 megawatt hours. Against this background and with regard to the usage of long-distance heat and green power carbon dioxide emissions of the building have been reduced considerably - by nearly 90 %, to some 1,300 tonnes per year. At present the high-rise complex is being prepared for silver certification to the criteria of the German Sustainable Building Council (DGNB).
Once the work has been completed, Deutsche Bahn will move into the high-rise building as planned in the first six months of 2012.
Press contact:
Simone Fuchs +49 69 136 44910
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About Commerzbank
Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Clients, Mittelstandsbank, Corporates & Markets, Central & Eastern Europe as well as Asset Based Finance, the Bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has one of the densest networks of branches among German private banks. It has above 60 sites in more than 50 countries and serves more than 14 million private clients as well as 1 million business and corporate clients worldwide. In 2010, it posted gross revenues of EUR 12.7 billion with some 59,000 employees.
