Frankfurt-based DIC Asset has acquired a portfolio of eight real estate complexes in Germany for a total sum, including transaction costs, of EUR 155 mln. The portfolio, covering an area of around 50,000 m2, was acquired in two off-market transactions. It includes the 'Rheinwerk' in Bonn, two properties in Cologne's Rheinau harbour are and AOK's headquarters in Neubrandenburg.
Frankfurt-based DIC Asset has acquired a portfolio of eight real estate complexes in Germany for a total sum, including transaction costs, of EUR 155 mln. The portfolio, covering an area of around 50,000 m2, was acquired in two off-market transactions. It includes the 'Rheinwerk' in Bonn, two properties in Cologne's Rheinau harbour are and AOK's headquarters in Neubrandenburg.
All the properties are new, or near-new buildings. Some 55% are destined for office use, while 30% are retail premises. The rental yield, based on the total investment volume, is 5.9%. The rental area is almost fully leased, with average lease lengths of over 10 years. Tenants include Edeka, C&A, AOK and adidas.
The vendor s are Development Partner in Dusseldorf, which was advised by brokers Kemper's, and a private investor, who was advised by Brockhoff & Partner.
DIC Asset has acquired some EUR 2.5 bn of real estate assets since the beginning of 2006, with off-market transactions accounting for around 40% of the total.