SINGAPORE (May 18): CGS-CIMB Securities and RHB Research have upgraded their respective recommendations on CapitaLand Commercial Trust (CCT), after the REIT on Thursday marked its maiden overseas entry with the acquisition of a 94.9% stake in Frankfurt office property Gallileo.

The freehold Grade A property, valued at €356 million ($569.6 million), is located in the prime Central Business District (CBD), also known as the Banking District, in the central German city recognised as a major financial hub.

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