DIC Asset AG has bought an office asset in the German city of Hannover for €32 mln.
The Office Center Plaza, which is being sold by a private investor, is destined for DIC's Office Balance II fund. The property has a GLA of 17,700 m2 and is located near the Hannover exhibition site. Anchor tenants, occupying around 13,200 m2, include Niedersächsische Landesentwicklungsgesellschaft (NILEG) Immobilien, a building-service company which is a member of the Vonovia Group, and htp, a telecommunications firm. The property, which was constructed in 2002, is currently 93% let.
'With the Office Center Plaza we have acquired a modern property in an outstanding location with very good public-transport connections; an ideal extension of the previous investment portfolio. Given the high level of demand in the office market in Hannover, we are confident that we can quickly reduce the existing vacancies,' commented Aydin Karaduman, chairman of the board of DIC Asset AG. 'The purchase in Hannover also strengthens our regional diversification with a higher valuation of the northern region. B–cities throughout the entire territory of the federal republic will continue to form a focus of our future investment strategy,' added Karaduman.
The acquisition brings DIC Asset's fund investment volume for 2016 to over €330 mln, around two thirds of its planned €500 mln target for this year.
GSK Stockmann + Kollegen and Angermann advised. DG Hyp AG provided the financing.
