CCT Ventures Into Europe With Acquisition of Gallileo in Germany; FVE Raised to SGD 1.70
CapitaLand Commercial Trust, or CCT, has announced that it will acquire a 94.9% stake in Gallileo, a Grade A freehold commercial property in Frankfurt, Germany, for EUR 342.7 million, or approximately SGD 548.3 million. Meanwhile, the remainder 5.1% stake will be acquired by CCT’s parent company, CapitaLand Limited. The property is fully occupied, and on a 100% basis, the agreed property value of EUR 356 million (or SGD 569.6 million), represents a 1.4% discount to the independent valuation of t...CapitaCommercial Trust is a commercial real estate investment trust investing in properties predominantly used for commercial purposes. Through its subsidiary, Co. is engaged in the provision of treasury services, including lending to the Trust the proceeds from issuance of notes under an unsecured multicurrency medium term note program. As of Dec 31 2011, Co.'s portfolio comprised of nine properties including three office buildings, one prime office building, three mixed-use properties, one multi-story car park and an ongoing development for a new office tower, all of which are located in Singapore.
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