DIC Asset has acquired an office asset in Germany from developer Landmarken for €51m.

The listed property group bought fully leased office property in Leverkusen-Mitte for its Commercial Portfolio division.

The newly built property, covers a gross lettable area of around 13,300sqm and includes 301 parking spots. The weighted average lease term is 16.76 years.

Sonja Wärntges, the CEO of DIC Asset, said “Leverkusen is a city with economic potential, and therefore goes very well with the strategic alignment of our Commercial Portfolio.

“The objective we are pursuing with the acquisition of the property is to supplement the portfolio with optimal yield opportunities and to boost its growth. It is here that we benefit from our sound regional market access. The next acquisitions are already in the pipeline.”

The Commercial Portfolio division is made up of real estate that DIC manages as owners and property asset holders across Germany. They represent predominantly commercial properties in major cities and regional economic centres, the focus being on office use.

At the end of the first quarter of 2018, the division managed around 110 properties with a market value of €1.6bn of assets.