SEOUL, KOREA - Samsung Life Insurance will buy a building in "London City," a financial district in London, from the Government of Singapore Investment Corp. The purchase price will be 573.5 billion won, the largest sum ever among overseas property deals by Korean insurance companies.
The Financial Services Commission approved on May 29 an application by Samsung Life to establish a subsidiary for the building investment. For an insurance company to set up a subsidiary, it is necessary to get an approval from the financial regulator.
Located on Gresham Street, the 4,046-square-meter building (total floor area of 37,421 sq.m) is currently used as headquarters for the Commerzbank AG London office. Earlier in 2005, the Government of Singapore Investment Corp. had purchased the building at 468.1 billion won.
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