News Detail - DIC Assets

DIC acquires real estate portfolio of the City of Hamburg

DIC Asset AG / Miscellaneous

Announcement transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.

The Frankfurt-based DIC Group (Deutsche Immobilien Chancen) has acquired the real estate portfolio from the City of Hamburg, known as Primo 3. It consists of 52 commercial properties with a total floor space of around 176,000 sqm. The properties are located all over Hamburg. The total investment volume is around 205 million euros. The listed DIC Asset AG has a 20% share of the transaction. The transaction is still subject to the approval of the Senate and the Parliament of the Free and Hanseatic City of Hamburg.

80 percent of the portfolio consists of office properties. The remaining 20 percent consists of other types of commercial usage, such as retail and storage area. The vast majority of the properties are let long-term to public authorities and the local authorities of the City of Hamburg. In addition, there are several properties that have a development potential where project developments and refurbishments are concerned. In the coming years, DIC will successively define the development potentials and will present plans for suitable construction projects. Prime properties in the portfolio include, for example, the centrally located buildings in Dammtorstraße/Große Theaterstraße as well as the local courts and revenue offices in the Wandsbek, Harburg and Bergedorf districts. In future, with its new asset and property management company, DIC will also maintain an office in Hamburg.

Ulrich Höller, Board Chairman of DIC: 'By purchasing this attractive portfolio, we are giving a clear commitment for one of the most prosperous economic locations in Germany. At the same time, by strengthening our presence in North Germany, we have achieved an important step towards our planned portfolio differentiation. With our extensive expertise in project development and asset management, we will generate additional revenue potential in the portfolio.'

About DIC 
DIC (Deutsche Immobilien Chancen) was founded in Frankfurt in 1998 and, with its innovative investment philosophy and its focus on the German market, is one of the most prominent and successful firms in Germany specializing in commercial real estate transactions. Its business activities include portfolio and asset management, which are handled by its prime standard listed company, DIC Asset AG, project development and opportunistic investments. The real estate assets managed by the DIC group currently amount to over EUR 2 billions. Its shareholders are investment companies, institutional investors (such as Morgan Stanley) and private investors with a family background in industry. 

DIC · Investor Relations
Stephan Gramkow
Grünhof · Eschersheimer Landstraße 223
60320 Frankfurt am Main
Tel. (069) 27 40 33-10
Fax (069) 27 40 33-70

DGAP 28.11.2006 

Language:     English
Issuer:       DIC Asset AG
              Eschersheimer Landstr. 223
              60320 Frankfurt Deutschland
Phone:        069 / 274033-0
Fax:          069 / 274033-69
ISIN:         DE0005098404
WKN:          509840
Indices:      S-DAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-Bremen, München, Stuttgart, Düsseldorf  
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