DIC Asset rents approximately 4,400 sqm to GOLD INN Group
DGAP-News: DIC Asset AG / Key word(s): Real Estate
2016-06-28 / 07:59
DIC Asset rents approximately 4,400 sqm to
DIC Asset AG has let some 4,400 sqm of a historic warehouse in Hamburg under a long-term rental agreement. In spring 2017, Angleterre Hotel GmbH & Co. KG (part of the GOLD INN Group) will open the four-star “GINN Hotel Hamburg”, covering four floors of the former warehouse building and offering more than 132 rooms. The property, built in 1873 and remodeled as well as extended in 1996, with a total lettable area of some 10,900 sqm, is now fully let. The historic building, located on the banks of the Elbe river and near to Hamburg’s famous fish market, also accommodates office and retail premises as well as a restaurant. The property belongs to the “DIC Office Balance II” fund launched in July 2014, which is invested in Germany’s top seven cities and in the most prosperous metropolitan regions. This fund focuses on existing properties with long-term rental contracts, which are used primarily as office space and offer value potential. The total fund volume now surpasses EUR 220 million.
DIC Asset AG acquired the listed building for its “DIC Office Balance II” fund in January 2015 – at a vacancy ratio of roughly 40 percent. The building is being partly renovated and upgraded by the construction of a new lobby as part of the planned market repositioning. DIC Onsite, as asset and property manager of DIC Asset AG, accompanied the project and led the rental. “Within a short period of time, we developed a successful positioning concept for the property and the empty office space. The great location on the banks of the Elbe river and the historic charm of the property are terrific starting points for the planned hotel business. We are delighted to cooperate with Angleterre Hotel GmbH & Co. KG, an experienced hotel operator and developer. This will transform one part of the existing office space into a hotel to be run on a long-term horizon”, said Aydin Karaduman, Chairman of the Management Board (CEO) of DIC Asset AG. The “GINN Hotel Hamburg” will be the GOLD INN Group’s fourth hotel. At present, the Group runs three hotels in Berlin.
About DIC Asset AG:
Established in 2002, DIC Asset AG, with registered offices in Frankfurt/Main, is a real estate company with an investment focus on commercial real estate in Germany, pursuing a return-oriented investment policy. The Company’s investment strategy is geared to the continued development of a high-quality, highly profitable and regionally diversified portfolio. Real estate assets under management comprise 216 properties with an aggregate market value of EUR 3.2 billion. The real estate portfolio is structured in two segments: the Commercial Portfolio (EUR 1.7 billion) comprises existing properties with long-term rental contracts generating attractive rental yields. The Co-Investments segment (EUR 1.4 billion) comprises fund investments (accounting for a share of EUR 1.2 billion), joint-venture investments, and interests in development projects. DIC Asset AG provides a direct service to tenants through its own real estate management teams in six offices located at the regional hubs within the portfolio. This provides DIC Asset AG with an edge in terms of market presence and expertise, and builds the foundation for maintaining and increasing income – and the value of its real estate assets. DIC Asset AG has been included in the SDAX(R) segment of the Frankfurt Stock Exchange since June 2006. The Company’s shares are also included in the EPRA index, which tracks the performance of the most important European real estate companies.
Phone: +49 30 2844987-65
DIC Asset AG
Phone:+49 69 9454858-1221
2016-06-28 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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|Company:||DIC Asset AG|
|Neue Mainzer Straße 20 * MainTor|
|60311 Frankfurt am Main|
|Phone:||+49 69 9454858-1221|
|Fax:||+49 69 9454858-9399|
|ISIN:||DE000A1X3XX4, DE000A1TNJ22, DE000A12T648|
|WKN:||A1X3XX, A1TNJ2, A12T64|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart|
|End of News||DGAP News Service|