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Report: Singapore's Wing Tai in talks to buy Commerzbank's London HQ

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Report: Singapore's Wing Tai in talks to buy Commerzbank's London HQ

Singapore-based property developer Wing Tai Holdings Ltd. is negotiating a deal to buy the 30 Gresham St. building in the City of London from Samsung Life Insurance Co. Ltd., Bloomberg News reported, citing two sources with knowledge of the matter.

The South Korean investment manager has reportedly been marketing the property for roughly £425 million.

There is no certainty that the deal, whose terms have not been finalized, will be completed, the sources told the news agency.

Germany's Commerzbank AG is based at the 400,000-square-foot property and shares the building with Investec PLC.

Wing Tai, Samsung Life and its adviser, DWS Group, did not provide comment, Bloomberg said.