DIC Asset AG successfully completed another four acquisitions in a combined total of €75 mln just before the end of 2014; the properties are being earmarked for two of the company's investment funds.
This brings the acquisition volume in the fund sector up to approximately €135 mln, and exceeds the expectations of €100-€120 mln for 2014 which the company voiced as recently as November 2014.
DIC Office Balance II, one office property each was acquired in Hamburg and Berlin for a combined total of approximately €44 mln.
The mixed office-commercial building Elbspeicher in Hamburg is centrally located. At the moment, around 40% of the let-able area of 10,900 m² is vacant. Once the already planned refurbishment and restructuring work is completed, the property will offer an attractive rental growth upside that is to be fully raised through active property management. (Grossmann&Berger GmbH estate agency)
The office asset in Berlin is located in the western downtown area north of the Kurfürstendamm high street. Raised in 1995 and extending over roughly 5,300 m², the building is fully occupied by altogether nine tenants at the moment. The inner city location and the modern fit-out imply a lucrative rental growth upside for the coming years. CBRE advised the seller as sole agent.
DIC HighStreet Balance, two commercial properties were acquired at a total cost of approximately €31 mln in northern Germany and Offenburg, respectively.
The commercial building in the northern German city is located in the prime retail pitch, and has a lettable area of around 3,700 m², occupied long-term by a renowned apparel company. Ownership will transfer to DIC sometime during the first half of 2015 after its comprehensive modernization and refurbishment. (estate agency: IAM Immobilien Asset Management GmbH)
The commercial building in Offenburg is a high-street property with a gross commercial floor area of around 5,000 m², let to several tenants. It is located in a prime location in the city's pedestrian precinct. The transaction was brokered by Comfort München.
Source: DIC Asset AG