DIC Asset AG has acquired an office property on Neumarkter Strasse in Munich and an ensemble of three buildings on Frankfurter Strasse / Alfred-Herrhausen-Allee in Eschborn. The purchase price paid for the assets totalled more than €100m.
The asset in Munich’s Berg am Laim district covers a lettable area of 18,300 m² plus 247 parking spots, and is fully occupied. The ensemble of three office buildings in Eschborn, a northern suburb of Frankfurt am Main, is occupied to 93%, and has a gross lettable area of around 19,200 m² along with 520 parking spots. The ensemble of office buildings in Eschborn was sold by a joint venture between Phoenix Real Estate and Art-Invest Real Estate. The anchor tenant of this multi-tenant property is Deutsche Bank.
DIC Asset AG has also disposed of the joint-venture assets that will no longer match the strategic orientation of the company. Thus, the properties on Langenhorner Chaussee in Hamburg and Adolph-Prior-Strasse in Frankfurt were successfully sold for a sum total of €22.6m.
“We continue to prosper in an exciting market environment and have managed to buy another two excellent assets for our Warehousing portfolio in addition to the acquisition in Hamburg. Accordingly, the pipeline is well-stocked for special funds yet to be launched. By selling the two assets in Hamburg and Frankfurt, respectively, we made good progress with the ongoing wind-up of our joint-venture participation, and will now intensify our focus on implementing the strategy we pursue in our core business,” said Sonja Wärntges, CEO of DIC Asset AG.
Colliers International Deutschland, BNP Real Estate and GSK Stockmann advised the company on the acquisitions. Hinsch & Völckers Hamburg and Colliers International Frankfurt, as well as php Frankfurt, acted as advisers during the sales.
