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Good news for Gallileo, a CICT property, as it secures ECB as anchor

The Edge Singapore
·1-min read

Gallileo, jointly owned by CICT and CapitaLand Investment, has secured ECB as anchor tenant, lease starts in 2025 after AEI.

CapitaLand Integrated Commercial Trust's (CICT) C38U manager, along with CapitaLand Investment (CLI) 9CI, announced on March 12 that they have secured the European Central Bank (ECB) as the new anchor tenant.

Gallileo is a 38-storey Grade A office building located on Gallusanlage, in the banking district of Frankfurt am Main, Germany.

The unusual building name “Gallileo” is a combination of the name of the Italian mathematician Galileo Galilei and the Gallusanlage location with its double “l”. Gallileo is 94.9% held by CICT, with CLI owning the remaining portion.

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The ECB has signed a lease agreement with the CapitaLand entities for a period of 10 years. The ECB will occupy close to 93% of the building’s total net lettable area.

Starting from the second half of 2025, CapitaLand will progressively hand over the leased area to the ECB following the completion of the building’s ongoing AEIs.

Since acquiring the building in 2018 for EUR356 million, which was $569.6 milion at the time, the valuation has been written down to $338.8 million as at end-December 2023. In CICT's FY2023 results briefing, the manager guided that it would be spending $265 million on AEI for Gallileo but couldn't provide further details.

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