07/19/2019 | Press release | Distributed by Public on 07/18/2019 23:17
DIC Asset AG Completes Acquisition of 'Stadtfenster' Property in Duisburg
Frankfurt am Main, 19 July 2019. DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany's leading listed property companies, completed the acquisition of the 'Stadtfenster' property in Duisburg. The transfer of possession, rights and obligations took place end of June. The total investment costs (TIC) for the office property amounted to EUR 58.1 million.
Raised in 2014, the modern property provides a lettable area of 12,600 square metres across five floors, plus 17 parking spots. It is centrally located in Duisburg's inner city, and a large share of the premises (11,400 square metres) is occupied by the local branch of the municipal library and an adult education centre. In addition, around 1,200 square metres are used as retail area. The fully occupied property has a weighted average lease term (WALT) of around 18 years. The annualised rental income amounts to c. EUR 2.2 million.
The name 'Stadtfenster' translates into 'city window' and is inspired by the prestigious façade with its large window surrounds that span several floors. The two building sections are linked by a free-floating glass bridge. This further enhances the property's bright and transparent character.
'We are pleased to report that 'Stadtfenster' was added to our portfolio in late June, which will have a positive impact on our portfolio metrics. As the year progresses, we intend to keep acquiring properties for our proprietary portfolio - and talks to this effect are already in an advanced stage,' commented Sonja Wärntges, CEO of DIC Asset AG.
About DIC Asset AG:
DIC Asset AG is one of Germany's leading listed property companies, and specialises in commercial real estate. With around 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 175 assets with a combined market value of c. EUR 7.1 billion under management. DIC uses a hybrid business model as it focuses on its business divisions Commercial Portfolio and Institutional Business. Taking an active asset management approach, DIC employs its proprietary, integrated real estate management platform to raise capital appreciation potential in its business divisions and to boost its revenues. In its Commercial Portfolio division (EUR 1.8 billion in assets under management), DIC 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. The Institutional Business division (EUR 5.3 billion in assets under management) generates its revenues by acting as issuer and manager of special real estate funds, individual mandated and club deals for institutional investors. (As of: 30/06/2019, includes GEG).
DIC has acquired GEG with a contract dated 05 June 2019. The transaction has now been concluded. DIC switched its segment reporting to its two pillars DIC Commercial Portfolio and DIC Institutional Business.
DIC has been listed in the SDAX® 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.