CapitaLand Acquires Commercial Property in Germany
CapitaLand acquires its first office building in Germany - a freehold multi-tenanted office building in Frankfurt, Germany known as Main Airport Center (MAC) at an agreed value of €245 million (SGD392 million) through a joint venture. CapitaLand holds a 94.9% stake in the joint venture while Lum Chang Holdings Limited, an unrelated third party, holds the remaining 5.1% stake.
Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “We are very pleased to be able to have meaningful investment exposure in a quality income-generating office building well located in Frankfurt, a top investment destination in Europe. The acquisition of MAC leverages the Group’s 15 years of experience in Germany and will add to CapitaLand Group’s network of commercial buildings in Asia. Besides key Asian markets such as Singapore, China, Japan and Vietnam, we also see significant investment opportunities in key gateway cities in Europe, Australia and the U.S.”
Lim added: “We will remain aggressive but disciplined to reconstitute our portfolio and deploy capital to quality higher yielding assets, while continuing to grow our recurring income base by strengthening our operating platforms and assets under management.”
- APMR News