Germany's DIC Asset has launched its third institutional real estate office fund targeting an initial volume of €200 mln.
Germany's DIC Asset has launched its third institutional real estate office fund targeting an initial volume of €200 mln.
The DIC Office Balance II fund is being created specifically for two clients, SV SparkassenVersicherung and Helaba Invest KAG, Frankfurt-based DIC said in a statement.
DIC Asset will take a 5% stake in the fund while also handling the asset management and property management as well as the property acquisitions and sales. IntReal International Real Estate Kapitalverwaltungsgesellschaft will serve as investment service company.
The new fund, which focuses on core office properties in Germany, has made its first purchase with the acquisition of the Barbarossa Center mixed-use complex in Cologne for €32 mln. The high-rise building at Barbarossaplatz was originally built in 1972, and redeveloped twice in 2002 and 2013. It extends over 13,300 m2 of rental space across 19 floors. The building is fully occupied by altogether nine tenants.
Separately, DIC Asset said that it has acquired two retail properties for €27 mln on behalf of its DIC HighStreet Balance institutional fund.
The assets, one located in Düren, the other in Wuppertal, have a rental space of around 4,000 m2 each, and are almost entirely let on long-term leases to blue-chip tenants Peek & Cloppenburg and Rossmann, respectively.
JLL, Cityjung and EKP-Projekt advised on the deal.
DIC Office Balance II is the third institutional fund launched by DIC Asset since 2010. The company also manages the DIC HighStreet Balance institutional fund for retail property, as well as the DIC Office Balance I vehicle.
