News Detail - DIC Assets

DIC Asset AG acquires real estate portfolio for EUR 320 million

DIC Asset AG / Miscellaneous

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

Frankfurt-based DIC Asset AG has acquired a real estate portfolio with a total area of around 182,000 sqm from AXA-Group Germany as well as DBV Winterthur Insurance Group. The total investment volume, including transaction costs, stands at EUR 320 million. Overall, the area is divided into 15 real estate complexes mainly in the Rhine-Main region, Wiesbaden, Düsseldorf, Berlin and Munich. Almost all of the properties are used as office blocks and business premises.

Following the sale, Axa and DBV Winterthur will lease back around 37% of the space on a long-term basis. Moreover the high-quality properties are mostly leased to prime tenants such as Telekom, SAP and Saturn. The rental area is 94 per cent leased and has an average lease period of just under six years. The current annual rent is approx. EUR 23 million, which corresponds to a rental yield of 7.1 per cent (based on the total investment volume). The financing of the transaction was supported by Berlin Hyp/Landesbank Berlin, the seller was advised by CB Richard Ellis.
The properties purchased for the Core and Value-added segment of DIC Asset AG will remain in the portfolio mostly in the medium to long term. In the context of optimised management, they are making a significant contribution to securing and increasing the cash flow. In addition, DIC will also realise value-added potential as a result of active management, reletting and in part, repositioning through redevelopment measures.
DIC Asset AG/Investor Relations
Stephan Gramkow
Grünhof · Eschersheimer Landstraße 223
60320 Frankfurt am Main
Tel: +49 (0) 69 9 45 48 58-39
Fax: +49 (0) 69 9 45 48 58-99

07.10.2007  Financial News transmitted by DGAP

Language:     English
Issuer:       DIC Asset AG
              Eschersheimer Landstr. 223
              60320 Frankfurt
Phone:        +49 69 9454858-0
Fax:          +49 69 9454858-99
ISIN:         DE0005098404
WKN:          509840
Indices:      S-DAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, München, Stuttgart, Düsseldorf  
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