DGAP-News: DIC Asset AG
/ Key word(s): Acquisition/Real Estate
DIC Asset AG Continues Year-End Rally on the Transaction Market - Three Acquisitions in a Total Amount of EUR 179 Million Signed on Behalf of Special Funds
Frankfurt am Main, 18 December 2020. DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany's leading listed property companies, has continued its proactive buying activities in December, once again demonstrating its transaction know-how on its proprietary nationwide real estate platform. Over the past few days, another three transactions were notarised on behalf of existing special funds managed by subsidiary GEG as part of the group's third-party business for institutional investors. The total investment costs (TIC) for these properties added up to c. EUR 179 million.
"DIC Asset AG is known for its high degree of reliability, swiftness and creativity. These characteristics were once again in evidence during our 2020 year-end rally and the brisk momentum that drives our planning of additional transactions before the end of the year. This way, we are laying the ground for the year 2021 early on, while the dynamic approach also brings us closer to our short-term goal of having EUR 10 billion in assets under management," commented Sonja Wärntges, the CEO of DIC Asset AG.
More Details on the Acquisitions
For an infrastructure real estate special fund, the "Magazinhof" asset at Leuschnerstr. 79 in Kassel was acquired, a city campus with 15,000 sqm lettable area in a conveniently accessible city location that is occupied by three blue-chip public-sector tenants on long-term leases, including the State Construction and Real Estate Agency of Hesse ("Landesbetrieb Bau und Immobilien Hessen"). The weighted average lease term (WALT) is around 15 years. The TIC of the infrastructure property near the "Kassel-Wilhelmshöhe" high-speed railway station approximated EUR 65 million.
For the same special funds, an infrastructure property in Düsseldorf was also acquired. It was only this year that DIC Asset AG conducted the repositioning of "Wacker Hof" at Erkrather Str. 377-389. With the modernisation work completed during the third quarter of 2020, and with the main tenant City of Düsseldorf having moved in, the property of around 23,100 sqm of lettable area, formerly occupied by a single tenant, was successfully transformed for multiple tenant occupancy. The City as new anchor tenant rented a total of around 13,000 sqm for its recently created Office for Migration and Integration and for its Health Services Office. The weighted average lease term (WALT) is around 7 years. The TIC added up to EUR 75 million.
The "Galilei" property at Reichskanzler-Müller-Str. 21, 23 and 25 in Mannheim was purchased for a manage-to-core special fund for EUR 39 million (TIC). DIC Asset AG was legally advised by LPA-GVV in Munich while the seller received legal advice from Clifford Chance in Frankfurt; technical consultancy was provided by CBRE-Preuss-Valteq. The multi-tenant property, which extends over 9,300 sqm of lettable area, is largely let to agrochemicals manufacturer EuroChem Agro and to the internationally active auditing firm Deloitte.
With more than 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 189 assets with a combined market value of c. EUR 8.7 billion under management (as of 30 September 2020).
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 2.1 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 its Institutional Business division (EUR 6.6 billion in assets under management), which operates under the name GEG German Estate Group, DIC Asset AG generates income by structuring and managing investment vehicles with attractive dividend yields for national and international institutional investors.
DIC Asset AG has been SDAX-listed since June 2006.
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18.12.2020 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:||1156174|
|End of News||DGAP News Service|