At the end of 2018, Frankfurt Airport Center 1 (FAC1) was acquired together with the joint venture partner Godewind Immobilien AG (now Covivio Immobilien AG), Frankfurt/M., by way of a share deal for a net purchase price of €168 million. ERWE has taken a 10.1 percent stake in the joint venture. For FAC1 ERWE had already assumed overall responsibility in 2017 for a comprehensive repositioning combined with an extensive refurbishment.
Efforts to find new tenants were running in parallel, as around 40 percent of the space was initially vacant. The Aiport Center has a total lettable space of 50,000 sqm. By the end of 2018, more than 80 percent of FAC1's space had been leased again. In mid-May 2019, an additional 5,044 sqm of space were leased to a large, publicly listed company. By the end of 2021, the occupancy rate stood at around 90%.
The final construction measures, which mainly affected the public areas of the FAC (lobby, mall, elevators, capex measures, etc.), were completed in the fourth quarter of 2021. Therefore, the service contract with ERWE has since expired.