CapitaLand office REIT acquires stake in Frankfurt property for EUR356 million

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CapitaLand Commercial Trust (CCT) is marking its maiden acquisition outside Asia by purchasing stake in a EUR356 million (USD420 million) commercial property in the central business district of Frankfurt, Germany.

The 38-storey building, which is known as Gallileo, features 436,175 square feet of net lettable area (NLA), and is 100% occupied.

It is located in close proximity to the German Central Bank, European Central Bank office towers, and the Frankfurt Main Railway Station.

98% of the building’s lease is anchored by Commerzbank AG, and its lease expires in 2029, with rent adjusted based on an inflation index every two years.

However, Commerzbank AG has an option to terminate its lease in 2024, by giving a 24-month notice to the landlords.

The property has a weighted average lease expiry (WALE) of 10.6 years.

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