Capitaland today announced their acquisition of a 94.9% stake of Main Airport Centre (MAC) in Frankfurt.

The agreed property value of EUR 245m or S$392m is slightly lower than valuation of EUR 248.2m or S$397m.

Located at Unterschweinstiege 2-14, 60549 Frankfurt, the property has 13 levels consisting of a multi-tenanted office, multi-storey carpark and a petrol station.

The property has a built up area of approximately 648,000 sqft and sits on freehold land.

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Out of more than 30 tenants, key occupiers include Dell, Mastercard and Lufthansa.

The weighted average lease expiry (WALE) is approximately 4 years, with less than 20% of leases expiring in the next two years. This provides certainty of income to Capitaland at least for the next 2 years.

The purchase was made on a gross investment yield of 5.5%.

Occupancy is presently at 84% and is expected to rise …