By Razvan Toma · Founder & CEO, Ampervia · Last checked 2026-10-13 · Sources linked below
Quick answer
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. 
DCD
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
Not applicable: this case shows value falling.
Capital and counterparties
Keppel DC REIT (listed); buyer unnamed.
Economics: confirmed and not disclosed
| 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
Last checked 2026-10-13. Third-party precedent, not an Ampervia project.