DIC acquires real estate portfolio of the City of Hamburg
DIC Asset AG / Miscellaneous
Announcement transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
----------------------------------------------------------------------
The Frankfurt-based DIC Group (Deutsche Immobilien Chancen) has acquired
the real estate portfolio from the City of Hamburg, known as Primo 3. It
consists of 52 commercial properties with a total floor space of around
176,000 sqm. The properties are located all over Hamburg. The total
investment volume is around 205 million euros. The listed DIC Asset AG has
a 20% share of the transaction. The transaction is still subject to the
approval of the Senate and the Parliament of the Free and Hanseatic City of
Hamburg.
80 percent of the portfolio consists of office properties. The remaining 20
percent consists of other types of commercial usage, such as retail and
storage area. The vast majority of the properties are let long-term to
public authorities and the local authorities of the City of Hamburg. In
addition, there are several properties that have a development potential
where project developments and refurbishments are concerned. In the coming
years, DIC will successively define the development potentials and will
present plans for suitable construction projects. Prime properties in the
portfolio include, for example, the centrally located buildings in
Dammtorstraße/Große Theaterstraße as well as the local courts and revenue
offices in the Wandsbek, Harburg and Bergedorf districts. In future, with
its new asset and property management company, DIC will also maintain an
office in Hamburg.
Ulrich Höller, Board Chairman of DIC: 'By purchasing this attractive
portfolio, we are giving a clear commitment for one of the most prosperous
economic locations in Germany. At the same time, by strengthening our
presence in North Germany, we have achieved an important step towards our
planned portfolio differentiation. With our extensive expertise in project
development and asset management, we will generate additional revenue
potential in the portfolio.'
About DIC
DIC (Deutsche Immobilien Chancen) was founded in Frankfurt in 1998 and,
with its innovative investment philosophy and its focus on the German
market, is one of the most prominent and successful firms in Germany
specializing in commercial real estate transactions. Its business
activities include portfolio and asset management, which are handled by its
prime standard listed company, DIC Asset AG, project development and
opportunistic investments. The real estate assets managed by the DIC group
currently amount to over EUR 2 billions. Its shareholders are investment
companies, institutional investors (such as Morgan Stanley) and private
investors with a family background in industry.
DIC · Investor Relations
Stephan Gramkow
Grünhof · Eschersheimer Landstraße 223
60320 Frankfurt am Main
Tel. (069) 27 40 33-10
Fax (069) 27 40 33-70
DGAP 28.11.2006
----------------------------------------------------------------------
Language: English
Issuer: DIC Asset AG
Eschersheimer Landstr. 223
60320 Frankfurt Deutschland
Phone: 069 / 274033-0
Fax: 069 / 274033-69
E-mail: info@dic-asset.de
WWW: www.dic-asset.de
ISIN: DE0005098404
WKN: 509840
Indices: S-DAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in
Berlin-Bremen, München, Stuttgart, Düsseldorf
End of News DGAP News-Service
---------------------------------------------------------------------------
