CapitaLand Commercial Trust (SGX:C61U) entered into a conditional share purchase agreement to acquire 94.9% stake in Main Airport Center, Germany from CapitaLand International Pte Ltd. and Sky Real Estate Investment Pte. Ltd. for approximately €250 million on July 16, 2019. CapitaLand Commercial Trust will pay a purchase consideration of €133.4 million and 94.9% of a new bank loan will be drawn down by Main Airport Center amounting to €115.9 million to repay and discharge part of the loan liabilities of €122.1 million. The loan liabilities will be fully repaid on completion. The final consideration payable to CapitaLand Limited and Sky Real Estate Investment Pte. Ltd. on completion shall be subject to adjustments based on the NAV of the holding companies of Main Airport Center, Germany as at the date of completion. Post transaction, CapitaLand Limited will own 5.1% stake. CapitaLand Commercial Trust may finance the cash outlay through debt or a combination of debt and equity funding. As on July 17, 2019, CapitaLand Commercial Trust announced the proposed private placement of a range of units to fund the deal. As of July 18, 2019, the new units were fixed and CapitaLand Commercial Trust announced that 105.012 million new units in itself has been issued to eligible institutional, accredited and other investors at a fixed issue price of SGD 2.095 (approximately €1.4) per unit, to raise gross proceeds of approximately SGD 220 million (approximately €144 million), out of which SGD 216.7 million (€141.8 million) will be partially used to fund the deal. The cash outlay is financed through gross proceeds from private placement and New bank Loan of €122.1 million. For the financial year 2018, the property had Net Property Income of €11.1 million. Completion is conditional upon regulatory approval, acquisition having been approved by the unit holders of CapitaLand Commercial Trust and the existing bank loan of the holding companies of Main Airport Center, Germany having been repaid and the relevant collaterals granted in connection with such loan having been released. The Independent Directors of CapitaLand Commercial Trust Management Limited, the manager of CapitaLand Commercial Trust recommend that Unitholders vote in favor of the resolution to approve the acquisition. The deal is expected to close by quarter 4 of 2019. The transaction is expected to be distribution per unit (“DPU”) accretive to Unitholders. Elisa Montano and Luke Pais of Ernst & Young Corporate Finance Pte Ltd acted as financial adviser for CapitaLand Commercial Trust Management Limited, manager of CapitaLand Commercial Trust. CBRE Gmbh and C&W (U.K.) LLP acted as valuer for CapitaLand Commercial Trust Management Limited. Boardroom Corporate & Advisory Services Pte. Ltd. acted as registrar for CapitaLand Commercial Trust. Allen & Gledhill LLP acted as legal advisor for CapitaLand Commercial Trust Management Limited, the manager of CapitaLand Commercial Trust. Dr. Tim Brandi, Hinrich Thieme and Jan de Snaijer of Hogan Lovells International LLP acted as legal advisors to CapitaLand International Pte Ltd. CapitaLand Commercial Trust (SGX:C61U) completed the acquisition of a 94.9% stake in Main Airport Center, Germany from CapitaLand International Pte Ltd. and Sky Real Estate Investment Pte. Ltd. on September 17, 2019. Following this, CapitaLand Commercial Trust owns 94.9% stake in Main Airport Center, with remaining 5.1% stake held by CapitaLand International Pte.