DGAP-News: DIC Asset AG Acquires REWE Headquarters, Adding another High-End Office Property to its Portfolio
(firmenpresse) - DGAP-News: DIC Asset AG / Key word(s): Miscellaneous
DIC Asset AG Acquires REWE Headquarters, Adding another High-End
Office Property to its Portfolio
22.11.2012 / 07:57
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DIC Asset AG Acquires REWE Headquarters, Adding another High-End Office
Property to its Portfolio
- Acquisition volume increased to EUR 135 million in 2012
- Proprietary portfolio boosted and institutional fund business expanded
DIC Asset AG (German securities ID WKN 509840/ ISIN DE0005098404) just
acquired another high-end office property in Cologne for its own real
estate portfolio. The building houses the corporate headquarters of German
food retailer REWE Group. The investment volume comes to approx. EUR 23
million. As recently as last week, DIC announced the purchase of the
'Looper' office property in Duisburg for the office fund, quoting a
transaction volume of approx. EUR 27 million. These two transactions in
November bring DIC's acquisition volume in 2012 up to a total of EUR 135
million.
Both properties enhance the portfolio quality of DIC Asset AG because they
are let to high-net-worth tenants and will generate stable long-term
revenues. The transfer of ownership for either property will take place
before the end of 2012. With the start of 2013, they will generate an
annual FFO contribution to income of more than EUR 1.6 million.
The Acquisitions in Detail:
- DIC Asset AG acquired the corporate headquarters of REWE Group in
Cologne (at Stolberger Strasse 76/78) from an international investor
within the framework of a share deal (shares of the property vehicle
being acquired). The property is earmarked for DIC Asset AG's
proprietary portfolio (the 'Commercial Portfolio'). The property, which
has a letting space of around 24,000 sqm spread across seven floors as
well as 450 underground car park slots, is fully let for a lease term
of around ten years. With an initial rental yield of around 8 percent,
the property makes an attractive and stable contribution to the cash
flow of DIC Asset AG. The prestigious high-end office property (built
in 1994) was extensively modernised in 2008 and in 2011. Among other
things, it has excellent transportation access for the roughly 800 REWE
staff who work here.
- As already reported on 13 November 2012 on occasion of the nine-month
result, DIC Asset AG acquired the office property 'Looper' in
Duisburg's Innenhafen port district (at Schifferstrasse 166). This
asset will be added to the 'DIC Office Balance I' institutional fund in
which DIC itself holds a 20-percent stake. The property was sold by a
member company of Kölbl Kruse Group based in Essen. Built in 2009, the
building has a letting space of more than 10,000 sqm on five office
floors that are largely occupied. This property, too, generates stable
long-term revenues. With average rental terms of around six years, this
multi-tenant property is let long term to tenants with good credit
ratings and hailing from a variety of sectors (industrial,
transportation, finance). On the buyer side, legal consulting for the
transaction was provided by CMS Hasche Sigle (Frankfurt am Main). The
acquisition was brokered by RHEINWERT Immobilien Consulting.
The acquisition of the 'Looper' asset has brought the expansion of the fund
business a big step forward: With investments of EUR 365 million now
committed, the half-way mark for the possible total volume of up to EUR 700
million for both funds ('DIC Office Balance I' and the 'DIC HighStreet
Balance' currently being set up) has already been exceeded.
For more details on DIC Asset AG, please visit us 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. 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 balance sheet. The Company's investment strategy
is geared to the continued development of a high-quality, highly profitable
and regionally diversified portfolio. The real estate portfolio is
structured in two segments: the Commercial Portfolio (EUR 1.9 billion)
comprises existing properties with long-term rental contracts generating
attractive rental yields. The Co-Investments segment (EUR 0.3 billion)
comprises fund investments, joint-venture investments, and interests in
development projects. 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.
End of Corporate News
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22.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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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.de
Internet: 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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194288 22.11.2012
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Datum: 22.11.2012 - 07:57 Uhr
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News-ID 206055
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