Germany's DIC Asset has acquired an office property in Munich and a complex of three buildings in Eschborn, for over €100 mln.
The fully-let asset at Neumarkter Strasse in Munich's Berg am Laim district covers a lettable area of 18,300 m2, plus 247 parking spots.
The ensemble of three office buildings on Frankfurter Strasse / Alfred-Herrhausen-Allee in Eschborn, a northern suburb of Frankfurt am Main, is 93% occupied. The complex has a gross lettable area of around 19,200 m2 along with 520 parking spots. The anchor tenant of this multi-tenant property is Deutsche Bank. The vendor is a joint venture between Phoenix Real Estate and Art-Invest Real Estate.
In addition, the company announced it has moved forward with its plan to wind up its joint-venture assets that no longer match the strategic orientation of DIC Asset. The company sold a property on Langenhorner Chaussee in Hamburg and another property on Adolph-Prior-Strasse in Frankfurt for a total of €22.6 mln.
'By selling the two assets in Hamburg and Frankfurt, respectively, we made good progress with the ongoing wind-up of our joint-venture participations, and will now intensify our focus on implementing the strategy we pursue in our core business,” said Sonja Wärntges, CEO of DIC Asset AG.
Colliers International Deutschland plus BNP Real Estate and GSK Stockmann advised the company on the acquisitions. Hinsch & Völckers Hamburg and Colliers International Frankfurt as well as php Frankfurt acted as advisers on the sales.
