# Kelsterbach, Frankfurt: an older data center bought for €81.8 million, sold for €50 million

> Keppel DC REIT bought the Kelsterbach data center near Frankfurt Airport in 2019 for **€81.8 million**; built in 1989 as a shell-and-core facility with a lease ending in 2025, it was sold in 2025 for **€50 million**. Being in Frankfurt did not protect an old building with an expiring lease.

Third-party precedent · Germany · Completed sale at a loss · Pathway: When the exit goes the other way · Last checked 2026-10-13 · https://ampervia.com/case-studies/kelsterbach-frankfurt-caution/

## Timeline

| When | What happened |
|---|---|
| 1989 | Five-storey shell-and-core data center built (former Lufthansa/IBM IT site). |
| 2019 | Keppel DC REIT buys it for €81.8m. |
| 2025 | Sold for €50m, all cash, as the lease neared expiry. |

## What changed between entry and exit


## Capital and counterparties

Keppel DC REIT (listed); buyer unnamed.

## Economics

| Item | Figure | Note |
|---|---|---|
| Entry price (2019) | €81.8 million |  |
| Exit price (2025) | €50 million |  |
| Change | ≈−39% | Ampervia calculation, before income received |

## Risks and limitations

- Lease expiry and technical obsolescence drove value down.

## Relevance to Ampervia

Value comes from power, permits and a tenant-ready specification, not from the postcode alone. Every Ampervia case is screened against this risk.

## Sources

- [DCD — Keppel sells Frankfurt data center for €50m (Feb 2025)](https://www.datacenterdynamics.com/en/news/keppel-sells-data-center-in-frankfurt-germany-for-50m/)