CapitaLand Ltd. secured its first office building in Germany through its joint acquisition of the Main Airport Center multitenanted property in Frankfurt with Lum Chang Holdings Ltd.
A 94.9/5.1 joint venture between CapitaLand's CLI Commercial (Europe) Pte. Ltd. subsidiary and Lum Chang's Sky Real Estate Investment Pte. Ltd. unit locked in the property by buying for €234.3 million all of the issued and outstanding share capital of its owners, MAC Property Co. GmbH and MAC Car Park Co. GmbH.
Sold by MAC Investments RE Sarl and German Office Holdings Sarl, the freehold commercial property was valued at approximately €245 million. It comprises a 13-level office building, a roughly 1,400-space multistory car park and a petrol station.
The office building with a total net lettable area of over 648,000 square feet and net lettable office area of more than 579,000 square feet is 84%-occupied by 30 tenants, including Dell and Mastercard. By June 2018, up to 95% of the asset is expected to be occupied.
After the transaction's completion, MAC Property and MAC Car officially became subsidiaries of the Singapore-listed company.