DIC Asset AG: Successful Redevelopments on Track
DGAP-News: DIC Asset AG
/ Key word(s): Real Estate
DIC Asset AG: Successful Redevelopments on Track
Frankfurt am Main, 19 September 2019. DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany's leading listed property companies, is continuing the redevelopments of two existing properties on schedule. The assets involved are, on the one hand, the "Wilhelminenhaus" administrative building occupied by the regional council of Darmstadt, which is located in the town centre of Darmstadt and held in the proprietary portfolio of DIC Asset AG, and, on the other hand, the administrative building located at Frankfurter Strasse 50 in Wiesbaden, which is held in the portfolio of the DIC Office Balance I (OB I) institutional fund.
Marco Knopp, Managing Director at DIC Onsite GmbH which is responsible for the projects, commented: "The two projects in Wiesbaden and Darmstadt are excellent examples for the successful upgrading and repositioning of existing properties, and will make worthy additions to our track record of successful portfolio developments."
"At the same time, these redevelopments illustrate that our regional roots and the vertical integration of our asset management and property management platform, which are the core components of our business model, pay off for all project stakeholders," adds Sonja Wärntges, CEO of DIC Asset AG.
The property in Wiesbaden, which has a lettable area of around 25,000 sqm and is part of the OB I investment fund, was repositioned after the previous anchor tenant had moved out. Now re-let in its entirety to the BImA Institute for Federal Real Estate, the property in the inner city of Wiesbaden will be used by the Federal Criminal Police Office (BKA) as one of several sites. It is expected that the restructuring work will be completed on schedule and that the new occupier will have moved in by early 2020.
The "Wilhelminenhaus" building in Darmstadt, which is part of the Commercial Portfolio of DIC Asset AG, has been undergoing a full-scale refurbishment since December 2018. In addition to upgrading the technical specifications, the focus is on restructuring the building to make it handicap-accessible and on the rooftop installation of a photovoltaic system. All in, the total investments costs add up to c. EUR 34 million. The tenant moved into temporary quarters elsewhere in Darmstadt for the duration of the restructuring work, which is expected to take roughly 18 months. This is meant to ensure that the regional council continues to function smoothly throughout this time period. It is expected that the refurbishment will be completed and that the tenant will have moved back into its renovated offices by the first quarter of 2020.
To celebrate the construction progress made, Wiesbaden and Darmstadt both hosted festive events this week. The Management Board of DIC Asset AG, together with the properties' occupiers, presented the progress of development and met with the press and local politicians. The successful implementation and realisation of already completed sections was jointly inspected to ensure a perfectly transparent stakeholder communication throughout.
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), 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.
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19.09.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||DIC Asset AG|
|Neue Mainzer Straße 20|
|60311 Frankfurt am Main|
|Phone:||+49 69 9454858-1492|
|Fax:||+49 69 9454858-9399|
|ISIN:||DE000A1X3XX4, DE000A12T648, DE000A2GSCV5, DE000A2NBZG9|
|WKN:||A1X3XX, A12T64, A2GSCV, A2NBZG|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange|
|EQS News ID:||876443|
|End of News||DGAP News Service|