Update to CICT's Gallileo property, the English Theatre Frankfurt and Commerzbank

 

Last year I wrote about CapitaLand Integrated Commercial Trust's (CICT) property in Frankfurt (Germany), Gallileo, being at the centre of a kerfuffle between a theater company, German government ministries and Commerzbank.

What happened

In summary, Commerzbank is the patron for the English Theatre Frankfurt (ETF) and leased space to them in the basement for a theatre. Now that Commerzbank is giving up the lease at the Gallileo, they wanted ETF to find spaces elsewhere as CICT needs the entire building back for refurbishment. 

There is disagreement and also confusion over the terms of the lease for the ETF. Commerzbank is applying to evict the ETF and the ETF and the city is pushing back. The confusion over the legal terms is not helping.

Update

It looks like there is a happy conclusion to all of this. 

The ETF will vacate the theatre at the Gallileo by end Jan 2024, and use the former Fritz Remond Theater in the zoo as a transitional venue.

The City will rent the venue at the Gallileo after it is renovated and sublet it to the theater until at least 2030.

Commerzbank will end the legal action to evict the ETF.

In the german article, it is mentioned that any lease beyond 2030 will most likely be a decision made with the new tenant of the building, the ECB and Capitaland.

It looks like the European Central Bank (ECB) will be the main tenant, which is also suggested in this Politico article.

All in all, a happy ending for everyone.

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