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.
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 …