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DIC Asset AG: tenancy agreement for 20,400 sqm extended with Galeria Kaufhof

DIC Asset AG / Key word(s): Miscellaneous

22.06.2011 / 07:31

DIC Asset AG: tenancy agreement for 20,400 sqm extended with Galeria Kaufhof

DIC Asset AG (WKN 509840 / ISIN DE0005098404) has successfully extended its existing tenancy agreement with Galeria Kaufhof GmbH for approximately 20,400 sqm in Leverkusen (Wiesdorfer Platz 82). Galeria Kaufhof, which enjoys a good location in Leverkusen's pedestrianised area, will remain there for a further ten years.

Securing this extension means that the property continues to be fully let. The average lease term in the property has now risen from around 1.5 years to currently around 10.5 years. The new tenancy agreement does not oblige DIC Asset AG to make additional investment in the property, thus securing the rental income for DIC Asset AG for the long term.
In addition to the two properties in Chemnitz and Bremen acquired towards the end of the first quarter, which are also leased long-term to Galeria Kaufhof, DIC Asset AG has further improved the quality of its structure in the Retail tenant segment.

The department store is located in Leverkusen's busiest pedestrianised area and boasts good public transport links and car parks in the immediate vicinity. Leverkusen's city centre is currently being made even more attractive to retailers, meaning that the property will continue to offer outstanding potential for retail use in the future.
DIC took over the three-storey property in 2007 as part of its acquisition of the Odin portfolio. The building comprises some 13,000 sqm of retail space and about 7,400 sqm of office and storage space. DIC Onsite, which is responsible for operational real estate management, manages 63 properties throughout North Rhine-Westphalia with a total commercial rental space of some 480,000 m² and a total value of around EUR 810 million.
Further information about DIC Asset AG is available online at

About DIC Asset AG:
Established in 2002, DIC Asset AG, with its registered office in Frankfurt am Main, is a real estate company with a dedicated investment focus on investing in commercial real estate in Germany, pursuing a return-oriented investment policy. The real estate portfolio amounts to approximately EUR 3.2 billion with around 290 properties. The portfolio is divided into three segments. The Core plus portfolio includes the proprietary portfolio held on a long-term basis and offering stable, attractive rental yields. The Value-Added portfolio contains real estate with promising performance potential over the medium term; while the Co-Investments portfolio comprises minority investments in other real estate segments. This includes opportunistic investments, development projects as well as the Funds business segment, where the company invests in first-class core properties. DIC Asset AG has been listed on the SDAX index since June 2006 and is represented in the international EPRA Index of the leading real estate companies in Europe.

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Language: English Company: DIC Asset AG Eschersheimer Landstr. 223 60320 Frankfurt Deutschland Phone: +49 69 9454858-0 Fax: +49 69 9454858-99 E-mail: Internet: ISIN: DE0005098404 WKN: 509840 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart  
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