Frankfurt-based DIC Group has acquired the 'Primo 3' portfolio from the City of Hamburg in a deal with a total investment volume of EUR 205 mln. The portfolio consists of 52 commercial properties with a total floor space of around 176,000 m[sup]2[/sup]. The transaction is subject to the approval of the Senate and the Parliament of the Free and Hanseatic City of Hamburg.
Frankfurt-based DIC Group has acquired the 'Primo 3' portfolio from the City of Hamburg in a deal with a total investment volume of EUR 205 mln. The portfolio consists of 52 commercial properties with a total floor space of around 176,000 m2. The transaction is subject to the approval of the Senate and the Parliament of the Free and Hanseatic City of Hamburg.
DIC said 80% of the portfolio consists of office properties,. The remaining 20% consists of other types of commercial usage, such as retail and storage area. The vast majority of the properties are let long-term to the local authorities of the City of Hamburg. Several properties have development potential, according to the company. 'In the coming years, DIC will successively define the development potentials and will present plans for suitable construction projects'.
Prime properties in the portfolio include the centrally located buildings in Dammtorstraße/Große Theaterstraße as well as the local courts and revenue offices in the Wandsbek, Harburg and Bergedorf districts.
