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Taiwan's Fubon purchases German landmark

The life insurance subsidiary of the financial investment company has bought the Frankfurt Eurotower

A Fubon Bank branch

A Fubon Bank branch (Wikimedia Commons photo)

TAIPEI (Taiwan News) — Fubon Life Insurance, a subsidy of Fubon Financial Holding, has purchased its fifth property in Europe, the iconic Eurotower building in Frankfurt, Germany.

The financial investment company bought the Eurotower for around €575 million (NT$20 billion), according to a statement released on Saturday. It said Germany’s status as the largest economy in Europe lent the investment great potential.

Frankfurt is also a major financial hub which may gain even more significance once the UK withdraws from the European Union, Fubon added.

Eurotower is a 40-storey skyscraper completed in 1977 and was initially occupied by the Bank für Gemeinwirtschaft. It was later used by the European monetary Institute; a forerunner of the European Central Bank.

It is the fifth European property to be acquired by Fubon following the company’s purchase of the Brussels Ellipse building in 2016 and three London buildings. Fubon first announced its intention to invest in real estate abroad in 2014.

Updated : 2021-05-07 22:12 GMT+08:00