DIC Asset AG acquires 'Palais Kronberg' for its Proprietary Portfolio
DGAP-News: DIC Asset AG / Key word(s): Acquisition/Real Estate
DIC Asset AG acquires "Palais Kronberg" for its Proprietary Portfolio
Frankfurt am Main, 22 August 2018. DIC Asset AG, one of Germany's leading listed property companies, just acquired "Palais Kronberg", an office property in Kronberg im Taunus, for its Commercial Portfolio (proprietary portfolio).
Due to the central and conveniently accessed location in the Rhine-Main metro region and in direct proximity to Frankfurt am Main, Kronberg im Taunus has developed into an established office location. The modern office complex has a lettable area of 12,800 sqm and is fully occupied by renowned companies. The weighted average lease term (WALT) is 5.7 years. Serving the local demand for office accommodation, the architecturally timeless building has three highly presentable entrances and can easily be divided into units of flexible dimensions. The property was sold by Corestate Capital Holding S.A. and the transaction was facilitated by BNP PARIBAS Real Estate Frankfurt.
"The acquisition of Palais Kronberg continues the growth strategy we pursue for our proprietary real estate stock and thereby improves the key ratios of the Commercial Portfolio. Kronberg is an economically up-and-coming town, and has evolved into a sought office location," said Sonja Wärntges, CEO of DIC Asset AG.
About DIC Asset AG:
In its Commercial Portfolio division (EUR 1.6 billion in assets under management), DIC 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. The Funds division (EUR 1.8 billion in assets under management) generates its revenues by acting as issuer and manager of special real estate funds for institutional investors. Gathered in the business unit Other Investments (EUR 1.6 billion in assets under management) are strategic financial investments, the management of properties in which the company holds no equity stakes, equity investments in property developments and joint venture investments. 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.
|Company:||DIC Asset AG|
|Neue Mainzer Straße 20 * MainTor|
|60311 Frankfurt am Main|
|Phone:||+49 69 9454858-1462|
|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, Tradegate Exchange; Luxembourg Stock Exchange|
|End of News||DGAP News Service|