The sides could not be seperated after 120 minutes of gruelling action in the Seville heat with Joe Aribo’s second-half opener for Rangers cancelled out by Frankfurt’s Raffael Borre as the match went to extra-time.
Frankfurt goalkeeper Kevin Trapp was the hero as he denied Ryan Kent with a stunning point-blank save in the last minute before stopping substitute Aaron Ramsey’s penalty in the shoot-out, which allowed Borre to step up and win it for the Bundesliga side.
Lundstram was the first Rangers player to speak just minutes after the defeat that left Frankfurt celebrating a historic success, and the Glasgow side with runners-up medals.
He told BT Sport: "We can all be super proud to get this far but it's heart-breaking.
"I can't even put it into words. There's still supporters here. It's just unbelievable. So, so, so heartbroken.
"I thought we were the ones pushing for the goal in extra time, we were the ones going for it, we were getting after them.
"We were trying to get it wide and the 'keeper's pulled off a world class save."