ECB's Iconic First Home in Frankfurt Sold to Taiwan's Fubon Life
The Eurotower served as the ECB’s headquarters until 2015 and is regarded as the birthplace of the euro.
(Bloomberg) -- The European Central Bank’s first home in Frankfurt -- the iconic Eurotower -- has been acquired by Fubon Life Insurance Co. It’s the Taiwanese company’s first deal in Germany.
The office building, one of the most recognizable towers in the city’s financial district, served as the ECB’s headquarters until 2015 and is regarded as the birthplace of the euro. An illuminated euro symbol still stands outside the property, even though the ECB has since moved most of its operations to the city’s east.
Patrizia Immobilien AG, which carried out the acquisition on behalf of Fubon, announced the deal on Friday without disclosing the price. Futon invested about 575 million euros ($658 million) in the 40-story property, according to a statement earlier this month. The Asian company also owns the landmark Madame Tussauds building in London.
The Frankfurt transaction was agreed just days before the 20th anniversary of the launch of the single currency. The ECB still houses staff from its banking supervision arm in the Eurotower, and is now the building’s sole occupier, Patrizia said. A spokeswoman for the ECB said the change in ownership won’t affect the bank’s tenancy at the location.
--With assistance from Patrick Henry.
To contact the reporter on this story: Carolynn Look in Frankfurt at clook4@bloomberg.net
To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Andrew Blackman, Dale Crofts
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