CapitaLand buys Frankfurt tower for €356m

TRIUVA has sold the Gallileo office tower in Frankfurt, an investment that was executed as a club deal with South Korean institutional clients, to CapitaLand Limited, a Singapore-based real estate company, and CapitaLand Commercial Trust (CCT), a real estate investment trust listed in Singapore.

The sale price was €356 million ($420 million).

“CCT has grown to become the largest office landlord in Singapore’s CBD by net lettable area over the years,” said Kevin Chee, CEO of the Manager of CCT. “Expanding overseas is a strategic move to deliver long-term sustainable distribution growth to our unitholders and inject diversity to the portfolio.  CCT will remain predominantly Singapore focused and will look to allocate between 10 percent to 20 percent of its deposited property overseas.  We have been actively exploring opportunities to acquire core assets in key gateway cities in developed markets.  Germany is a key focus for CCT given the depth of good qualit