Singapore's CapitaLand has bought Main Airport Center at Frankfurt for S$392 million ($292.4 million) through a 94.9% owned joint venture, it said in an exchange filing Thursday.

The office building is 84% occupied, the statement said.

Demand for commercial real estate is expected to rise given Germany's positive economic outlook, the company said. "Frankfurt's office market is on an upswing as many major multinational companies and Japanese banks are planning to open new offices in Frankfurt. The city's office leasing market remained strong in the third quarter with a 24% year-over-year increase in take-up of leases," Chief Investment Officer Lee Chee Koon said in the statement.

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