German listed property group DIC Asset has acquired another high-end office property in Cologne with the purchase of the corporate headquarters of German food retailer Rewe Group. The investment volume amounts to around EUR 23 mln. The vendor is an unnamed international investor.
German listed property group DIC Asset has acquired another high-end office property in Cologne with the purchase of the corporate headquarters of German food retailer Rewe Group. The investment volume amounts to around EUR 23 mln. The vendor is an unnamed international investor.
Built in 1994 and modernised in 2008 and 2011, the asset comprises around 24,000 m2 spread across seven floors and includes 450 underground parking spaces. It is fully let to Rewe with a lease term of around 10 years and generates an initial rental yield of around 8%.
The deal follows hard on the heels of DIC's acquisition last week of the Looper office property in Duisburg for EUR 27 mln. Looper, offering 10,000 m2, will be added to the DIC Office Balance I institutional fund in which DIC itself holds a 20% stake.
The two transactions bring DIC’s acquisition volume in 2012 to a total of EUR 135 mln. The transfer of ownership for both assets will take place before the end of 2012.
