DIC Asset fund purchases office asset for EUR 44m

German listed property company DIC Asset said it has acquired an office project in Eschborn near Frankfurt for EUR 44 mln on behalf of its DIC Office Balance I fund.

The 14,700 m² property, Loftwerk, is being developed and built by Hochtief Projektentwicklung. About 75% of the property has been pre-let to three tenants on long leases five months before the scheduled completion in December 2012.

Trompetter Immobilien brokered the transaction.

DIC Office Balance I now has a volume of EUR 350 mln.

DIC Asset also announced that the company arranged some EUR 500 mln of financing in the first half of the year. The facilities was spread over 11 loans for refinancing of portfolios or single assets, for acquisitions and for project financings.