CapitaLand Commercial Trust (CCT) made its maiden acquisition outside of Singapore with the purchase of a majority stake in a Frankfurt property known as Gallileo.
Situated in the central business district (CBD) of Frankfurt, Gallileo will be 94.9% owned by CCT, with CapitaLand holding the remaining 5.1%.
The area where the building is located is known as Banking District.
Gallileo is a freehold commercial Grade A property that is presently 100% occupied.
At an agreed property value of Euro 356.0m, the price is 1.4% lower than the independent valuation of Euro 360.9m, calculated by Cushman & Wakefield as at 31 Mar 2018.
According to CCT, the acquisition is to be funded by bank borrowings and net proceeds from the Private Placement. The acquisition is expected to be DPU accretive and targeted to complete in June 2018.
By foot, the Willy-Brandt-Platz underground, main railway station and Taunusanlage suburban railway stop is …