By Joanne Chiu
CapitaLand Ltd. (C31.SG) said it has acquired an office building in Germany via a joint-venture company with Lum Chang Holdings Ltd. (L19.SG) for 245 million euros ($291.3 million).
The Singapore-based developer said Thursday that the acquisition of the Main Airport Center in Frankfurt is the company's first investment in an office building in Germany.
CapitaLand holds a 94.9% effective interest in the freehold multi-tenanted office building, while its joint-venture partner owns the remaining 5.1% stake, it said.
CapitaLand President and CEO Lim Ming Yan said the company sees significant investment opportunities in key gateway cities in Europe, Australia and the U.S.
"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," he said.
Write to Joanne Chiu at [email protected]