DIC Asset AG acquires portfolio from iii-Investment
DIC Asset AG / Miscellaneous
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Frankfurt-based DIC Asset AG has purchased 13 major properties with a total area of around 77,000 sqm from the Euromobil fund of iii–Investment GmbH. The total investment volume, including transaction costs, is EUR 173 million. Around 60 per cent of the properties are used for retail, and are almost solely situated in prime pedestrian zone-locations; 40 per cent are used as office and other commercial properties. The properties are situated in outstanding locations of major cities such as Munich, Frankfurt, Wiesbaden, Flensburg and Leipzig.
Most of the high-quality properties are leased to top tenants such as H&M, Peek & Cloppenburg und Marktkauf Holding. The average remaining lease term of the rental area is 3.6 years, and the vacancy rate is 10 per cent. The current annual rent is EUR 11.3 million, which equates to a rental yield of 6.5 per cent (gross passing rent in relation to the total investment amount). The seller was advised by Cushman & Wakefield during the transaction.
The properties, acquired for the value-added segment of DIC Asset AG, make a significant contribution towards securing and increasing the regular cash flow.
Ulrich Höller, CEO of DIC Asset AG: 'The acquisition of the AXA portfolio in October once again underlines our ability to successfully generate and realise attractive buying opportunities, especially in the current market climate, and for which we are ideally positioned with our active asset management'.
About DIC Asset AG
Established in 2002, DIC Asset AG, with registered offices in Frankfurt/Main, is a real estate company with a dedicated investment focus on commercial real estate in Germany, pursuing a return-oriented investment policy. DIC Asset AG's real estate portfolio currently includes around 1.3 million sqm of floor space, spread over 350 properties. The portfolio is divided into three segments: the Core 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 Opportunistic Co-Investments portfolio is comprised of real estate investments that have a more pronounced risk/return profile, which will be placed with third parties following a repositioning under an individual business plan. Real estate assets under management currently amount to approx. EUR 3.5 billion. DIC Asset AG has been listed on the SDAX index since June 2006.
For more information on DIC Asset AG, please visit www.dic-asset.de.
Grünhof · Eschersheimer Landstrasse 223
60320 Frankfurt/Main, Germany
Phone +49 69 9454858-39
Fax +49 69 9454858-99
20.12.2007 Financial News transmitted by DGAP
Issuer: DIC Asset AG
Eschersheimer Landstr. 223
Phone: +49 69 9454858-0
Fax: +49 69 9454858-99
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, München, Stuttgart, Düsseldorf
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