Listed property group DIC Asset has invested €72m to buy a multi-tenant office building in Germany.

DIC Asset said the Gate 9 office building in Leinfelden-Echterdingen was acquired from Objekt Fasanenweg Leinfelden.

DIC Asset the asset is currently already generating rental cash flows from one tenant and has two other tenants lined up to move in next year.

Sonja Wärntges, CEO DIC Asset, said: “We are happy to broaden the footstep of our portfolio in the Stuttgart region with the structuring of this attractive off-market deal with significant value-add potential. Furthermore, we were once again able to demonstrate our transaction competence.

“With this acquisition, we already reach 75% of our acquisition target for the commercial portfolio.”

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