DIC Asset AG in successful sales of real estate
DIC Asset AG / Miscellaneous
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The Frankfurt-based DIC Asset AG has now successfully placed co-investment properties in Hamburg to various investors, at a total volume of 31 million euros. One office property from the Value-added segment was sold to an international institutional investor for over 25 million euros. The property, 15,000 square metres in size, is located in Hamburg in the district of Stellingen, and is leased long-term to Deutsche Telekom. DIC Asset AG and MSREF (Morgan Stanley Real Estate Funds) had jointly acquired the property just under two years ago.
DIC Asset AG was also involved in the sales of three further properties from its Opportunistic Co-investment portfolio, with a total volume of just under 6 million euros, which had been acquired from the City of Hamburg as part of the Primo-Portfolio at the end of 2006. DIC Asset AG had a 20 per cent stake in these properties.
Ulrich Höller, Chairman of the Board at DIC Asset AG, says: 'The sales form part of our regular sales activities within the scope of our active asset management. In this way, we are realising attractive sales opportunities in order to optimise returns for our investors. With these sales, we can look back on a very successful business year, and can confirm our profit forecast for 2007, net income after taxes, depreciation and amortisation at between 36 million and 38 million euros.'
Further information about DIC Asset AG is available on the internet at www.dic-asset.de.
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 square metres 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. 3.5 billion euros. DIC Asset AG has been listed on the SDAX index since June 2006.
Grünhof Eschersheimer Landstraße 223
60320 Frankfurt am Main
21.12.2007 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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