<article>Singapore-based realty investor <a href="https://www.dealstreetasia.com/stories/sg-realty-capitaland-abr-and-yanlord-in-acquisition-drive-89013/" target="_blank" rel="noopener">CapitaLand</a> has made its first commercial investment in Germany with the acquisition of office building, Main Airport Center (MAC) in Frankfurt, Germany for $294.3 million (Euro 245 million).</article>

Singapore-based realty investor <a href="https://www.dealstreetasia.com/stories/sg-realty-capitaland-abr-and-yanlord-in-acquisition-drive-89013/" target="_blank" rel="noopener">CapitaLand</a> has made its first commercial investment in Germany with the acquisition of office building, Main Airport Center (MAC) in Frankfurt, Germany for $294.3 million (Euro 245 million).
The freehold multi-tenanted office building was acquired through a joint venture where CapitaLand holds a 94.9 per cent stake while Lum Chang Holdings Ltd, an unrelated third party, holds the remaining 5.1 per cent stake, an announcement from CapitaLand said last week.
Located close to the Frankfurt Airport, the building is in close proximity to hotels and is in a popular location for international and domestic companies, from varied industries such as aviation, logistics, technology, business services, consulting and healthcare.
The building is currently 84 per cent occupied by over 30 tenants like Dell and Mastercard that have set up their German headquarters there. Lufthansa has also headquartered its customer loyalty operations in the building. The property is expected to attain an occupancy rate of over 95 per cent by June this year based on the leases already secured.
The realty company has been present in Germany for years through its serviced residence unit Ascott and its real estate investment trust, Ascott Residence Trust that owns five properties with over 700 units across Berlin, Frankfurt, Hamburg and Munich in Germany. This includes the 165-unit Citadines City Centre Frankfurt, a 20-minute drive from the latest buy, the office building.
“Demand for commercial real estate is expected to rise given Germany’s positive economic outlook. Frankfurt’s office market is on an upswing as many major multinational companies and Japanese banks are planning to open new offices in Frankfurt&#8230;We see strong potential to step up investments in commercial real estate in Europe and key cities worldwide, as we expand our serviced residence and mall portfolios,” said Lee Chee Koon, Group Chief Investment Officer.
CapitaLand is expecting to explore key investment opportunities in key gateway cities in Europe, Australia and the US, besides its key Asian markets such as Singapore, China, Japan and Vietnam.
The company together with its commercial real estate investment trust, CapitaLand Commercial Trust, is Singapore’s largest prime office landlord and owns and operates commercial properties in China, Japan and Vietnam. In September last year CapitaLand Commercial Trust acquired <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/singapore-capitaland-blackrock-in-talks-for-asia-square-2-sale-68236/" target="_blank" rel="noopener">Asia Square Tower 2</a> in Singapore for S$2.09 billion.
Earlier in July, CapitaLand, CapitaLand Commercial Trust and Mitsubishi Estate Co formed a joint venture to redevelop <a href="https://www.dealstreetasia.com/stories/blackrock-sells-singapore-office-tower-1-5-billion-cct-82755/" target="_blank" rel="noopener">Golden Shoe Car Park </a>into a S$1.82 billion development &#8212; 280-metre tall, 51-storey development in Singapore’s Central Business District.
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CapitaLand has made its first commercial investment in Germany with the acquisition of an office building in Frankfurt, Germany for $294.3 million

Singapore realty investor CapitaLand buys first office asset in Germany for $294m

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Singapore realty investor CapitaLand buys first office asset in Germany for $294m

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