DIC Asset AG: Full Occupancy Achieved at ‘Schillerportal’ in Frankfurt am Main

DGAP-News: DIC Asset AG / Key word(s): Real Estate

24.09.2019 / 09:54
The issuer is solely responsible for the content of this announcement.

Press release

DIC Asset AG: Full Occupancy Achieved at “Schillerportal” in Frankfurt am Main

  • Around 4,700 sqm of modern office space let to the provider of flexible office space solutions, WeWork
  • Significant increase in WALT and complete elimination of vacancies in the property after prior core refurbishment

Frankfurt am Main, 24 September 2019 – DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany’s leading listed real estate companies, has achieved full letting of the “Schillerportal” property near the Frankfurt Stock Exchange via its subsidiary GEG German Estate Group. The property with a rentable area of around 8,600 sqm is part of a GEG individual fund for an international institutional investor (Institutional Business segment) and only around 45% of the space was occupied before the lease was concluded. The weighted remaining term of the rental agreements (WALT) for the property increased significantly.

The six-storey building ensemble between Schillerstraße and Taubenstraße in the north of Frankfurt city centre consists of a listed old building from 1913 and a newer office building connected by bridges. Both parts of the building were last renovated in 2019. The centrally located office space now meets the highest technical standards and is characterised by high-quality and comfortable furnishings.

The letting contract was arranged by Colliers Frankfurt.

“We are delighted about the long-term lease with WeWork in this prestigious city-center property, which is characterised by its first-class location and thus offers the best working conditions for flexible office solutions. Flexible Office’ has established itself as a utilisation concept in the city centres and fills an attractive niche in the modern working world,” commented Sonja Wärntges, CEO of DIC Asset AG, on the successful conclusion of the lease.

About DIC Asset AG:
With around 20 years of experience on the German real estate market, the company maintains a regional footprint on all major German markets through six branch offices, and has 175 assets with a combined market value of c. EUR 7.1 billion under management (as of 30/06/2019). Taking an active asset management approach, DIC Asset AG employs its proprietary, integrated real estate management platform to raise capital appreciation potential company-wide and to boost its revenues.

In its Commercial Portfolio division (EUR 1.8 billion in assets under management), DIC Asset AG acts as proprietor and property asset holder, and thus generates revenues both from the management of the assets and through the value optimisation of its own real estate portfolio.

In the Institutional Business division (EUR 5.3 billion in assets under management), represented at the market under the GEG German Estate Group brand, DIC Asset AG generates income from structuring and managing investment vehicles with attractive dividend yields for national and international institutional investors.

DIC Asset AG has been listed in the SDAX(R) segment of the Frankfurt Stock Exchange since June 2006.

IR-Contact DIC Asset AG:
Peer Schlinkmann
Head of Investor Relations & Corporate Communications
Neue Mainzer Straße 20
60311 Frankfurt am Main
Fon +49 69 9454858-1492

24.09.2019 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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