German listed property firm DIC Asset has agreed to acquire 100% of the shares in the Munich-based logistics specialist RLI Investors along with a minority stake of 25% in the company Realogis Holding, also based in Munich.
The purchase price amounts to €42 mln.
The transfer to the DIC Asset group of companies will take place at the beginning of the first quarter of 2021.
‘This is a major forward-looking decision for the company,’ said Sonja Wärntges, the Chief Executive Officer (CEO) of DIC Asset. ‘Especially as this peculiar year is drawing to a close, we are demonstrating once again that we have the agility and quality to respond quickly to the market and to detect, seize and capitalise on growth opportunities for the company. We now have outstanding teams and competencies aboard that will help us to keep expanding the logistics asset class within the group - including beyond the borders of Germany.’
With the acquisition of RLI Investors, the assets under management of DIC Asset will increase by €700 mln. The acquisition is expected to contribute €4 mln to the group's EBITDA and increase the FFO per share as early as 2021.
‘The sector expertise in regard to logistics investment products will very smoothly integrate into our existing product line-up, which we intend to keep expanding for international institutional investors, too,’ added Sonja Wärntges, CEO of DIC Asset.
Based in Munich, RLI Investors is one of Germany's major independent logistics real estate investors, employing 16 staff in its offices in Berlin and Munich and having more than €700 mln in assets under management on behalf of institutional investors such as pension funds, family offices and international asset managers.
Realogis Holding is an independent consultancy firms in the industrial and logistics sector. Realogis employs 60 staff in seven branch offices across Germany.
