DGAP-News: RFR Holding Acquires Bienenkorbhaus from DIC Asset AG
(firmenpresse) - DGAP-News: DIC Asset AG / Key word(s): Miscellaneous
RFR Holding Acquires Bienenkorbhaus from DIC Asset AG
11.10.2012 / 08:01
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RFR Holding Acquires Bienenkorbhaus from DIC Asset AG
DIC Asset AG (WKN 509840/ ISIN DE0005098404) just sold the renowned
Bienenkorbhaus on Frankfurt's shopping boulevard Zeil for a total
transaction volume of approximately 75 million Euros to RFR Holding GmbH
within the framework of a share deal (shares of the property vehicle being
acquired).
The lettable commercial floor area of more than 11,000 sqm is currently let
to over 95 per cent in an attractive mix of use types, including retail
areas (3,500 sqm) and office areas (7,500 sqm). Main tenants are the
flagship store of footwear multiple Ludwig Görtz and Frankfurter Sparkasse
(Frankfurt savings bank).
In the time since it reopened in 2009, Bienenkorbhaus generated attractive
rent revenues for DIC Asset that were boosted by the substantially
increased occupancy rate. DIC Asset AG has successfully brought another
portfolio investment in downtown Frankfurt to a profitable conclusion,
thereby once again demonstrating its competence in the areas of
redevelopment and asset management. The sale of Bienenkorbhaus takes place
both above the DIC's book value and above the market value recently
determined in late 2011.
The sale will help DIC Asset AG to roll back its debt ratio on a major
scale and inversely to increase its equity ratio yet further. With the
transfer of ownership scheduled for the end of 2012, approximately 50
million Euros will be repaid to the underwriting bank.
In this acquisition Deutsche Pfandbriefbank AG is financing partner of RFR.
Said Ulrich Höller, CEO of DIC Asset AG: 'DIC will achieve a significant
earnings contribution for 2012 through this sale and realise another major
step toward a stronger equity position in the medium term by repaying the
bank debt.'
Said Dr. Alexander Koblischek, Managing Director of RFR Management: 'We are
very pleased that the acquisition of Bienenkorbhaus will permit us to add
to our portfolio another building that is closely associated with
Frankfurt's history and located on Germany's most frequented shopping
boulevard.'
Timeline of the Bienenkorbhaus investment:
- Prior history: In 1954, Frankfurter Sparkasse raised the twelve-storey
Bienenkorbhaus as one of the first high-rises in Frankfurt am Main and
opened its first branch office in the building. The building owes its
name to the logo of Frankfurter Sparkasse, which in turn dates back to
1822: The building façade used to be ornamented with a ring showing a
stylised beehive ('Bienenkorb' being German for 'beehive').
- Year-end 2004: DIC Asset AG acquired the renowned Bienenkorbhaus asset
in a 50/50 joint venture together with Morgan Stanley Real Estate Fund
(MSREF) as part of the real estate portfolio of Frankfurter Sparkasse,
which includes a total of 57 properties in Frankfurt.
- April 2009: Following comprehensive revitalisation measures that
succeeded in skilfully preserving the 1950s architecture while
modernising the edifice at the same time, the new Bienenkorbhaus
building reopened with an occupancy rate of 76 per cent. Occupied by
new tenants, it enhances the attractiveness of Zeil for adjacent
venues, visitors and shoppers, and marks the entrance to the
high-street stretch of Germany's best-known and fastest-selling
shopping boulevard. Head tenants include Ludwig Görtz GmbH, which
opened a large flagship store in the new annex, and Frankfurter
Sparkasse, which opened its largest and most modern savings bank branch
within the city limits. Other tenants in the complex include the health
insurance company DAK, numerous doctors' offices, as well as legal
offices and consultancy firms.
- October 2011: DIC Asset AG becomes the sole owner of Bienenkorbhaus
after taking over the shares of Morgan Stanley Real Estate Fund.
- October 2012: Asset is sold to RFR Holding GmbH.
About RFR Holding GmbH
RFR Holding GmbH is a member company of the RFR Group of the German-born
real estate investors Aby Rosen and Michael Fuchs. Over the past 25 years,
the company assembled a unique portfolio of properties in the United
States. Architectural history classics such as the Seagram Building in New
York by Mies van der Rohe, or the famous Lever House by Skidmore, Owings&Merrill, are complemented by modern office and commercial buildings,
apartment blocks, luxury condominiums and trendy hotels in prime locations.
Today, RFR Group holds real estate assets worth approximately 10 billion
USD in the United States and Germany. Seated in Frankfurt am Main, RFR
Management GmbH is responsible for the property and asset management of RFR
Group in Germany. For more information, go to www.rfr-holding.com.
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. Real estate assets under management amount to approx. EUR 3.3
billion, comprising around 270 properties, of which EUR 2.2 billion is
carried on DIC Asset AG's statement of the balance sheet. The investment
strategy of DIC Asset AG aims at the continuous development of a
quality-driven, high-yield, and regionally diversified portfolio. The
portfolio is divided into two segments: The 'Commercial Portfolio' (EUR 1.9
billion) includes existing properties let on long-term leases and returning
attractive rental yields. The 'Co-Investment' segment (EUR 0.3 billion)
pools fund investments, joint venture investments, and investments in
project developments. Own real estate management teams provide a direct
service to tenants through six branch offices located at the regional hubs
within the portfolio. This provides an edge in terms of market presence and
expertise, and builds the foundation for maintaining and increasing the
value of real estate assets. DIC Asset AG has been included in the SDAX(R)
segment of the Frankfurt Stock Exchange since June 2006. The Company's
shares are also included in the EPRA index, which tracks the performance of
the most important European real estate companies.
For more details on DIC Asset AG, please visit us on the Internet at
www.dic-asset.de.
End of Corporate News
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Language: English
Company: DIC Asset AG
Eschersheimer Landstr. 223
60320 Frankfurt
Germany
Phone: +49 69 9454858-0
Fax: +49 69 9454858-99
E-mail: info(at)dic-asset.deInternet: www.dic-asset.de
ISIN: DE0005098404
WKN: 509840
Indices: S-DAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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188388 11.10.2012
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Datum: 11.10.2012 - 08:01 Uhr
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News-ID 191453
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