CapitaLand has announced that it has secured the European Central Bank (ECB), the central bank for the euro area, as the new anchor tenant at Gallileo. Gallileo is a 38-storey Grade A office building located in the banking district of Frankfurt am Main, Germany.
The ECB has signed a lease agreement with CapitaLand 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 asset enhancement initiatives (AEI).
Go deeper with GlobalData
CapitaLand will be investing around €180m towards the building’s AEI
Tony Tan, Chief Executive Officer of CICTML, said: “We are delighted that the ECB has chosen to lease Gallileo. This addition to CICT’s portfolio of high quality and reputable tenants further strengthens the Trust’s income stability. The successful conclusion of this lease also serves as a testament of our efforts to transform Gallileo into a dynamic commercial development and an enduring financial and cultural landmark that will benefit Frankfurt and its residents. Envisioned as a modern workplace of the future, we are significantly enhancing the building’s value by refurbishing its infrastructure and internal layout to promote a collaborative and community-oriented environment. The new Gallileo will continue to contribute to the vibrancy of the city centre and solidify the international reputation of Frankfurt.”
Since February 2024, CapitaLand has started upgrading works at Gallileo to improve the building’s existing infrastructure. The AEI will take place in three phases with a primary focus on fulfilling the tenant’s building requirements. Additional efforts will be undertaken to improve the mechanical, electrical and building automation systems, making Gallileo more environmentally and operationally efficient. CapitaLand will be investing approximately €180m in this AEI.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
