DIC Asset, the real estate investor listed on the Frankfurt stock exchange, has purchased a portfolio of 51 properties from Landesbank Berlin (LBB) for a total investment of EUR 147 mln. Morgan Stanley Real Estate Funds (MSREF) is DIC' Asset's financial partner in the deal and is paying 50% of the transaction cost.
DIC Asset, the real estate investor listed on the Frankfurt stock exchange, has purchased a portfolio of 51 properties from Landesbank Berlin (LBB) for a total investment of EUR 147 mln. Morgan Stanley Real Estate Funds (MSREF) is DIC' Asset's financial partner in the deal and is paying 50% of the transaction cost.
The portfolio, with a total of 112,000 m2, consists of offices, retail and service outlets in several districts of Berlin. DIC Asset said 82% of the properties are let, with more than 50% to tenants of the Landesbank Berlin association as retail outlets and as offices. The average lease is for around five years and the initial yield is in excess of 7%.
DIC Asset said it is planning to open a branch in Berlin to manage the portfolio and other activities in the Berlin region. The transaction increases DIC Asset's portfolio to 320 properties with a floor space in excess of 920,000 m2. The value of the real estate under management is around EUR 2.2 bn.
