DIC Asset raises EUR 185 mln in share issue

German real estate company DIC Asset AG has raised about EUR 185 mln by issuing 8.16 million new shares, increasing the company's share capital from EUR 20.34 mln to EUR 28.5 mln. The subscription ratio for the 8.16 million new shares was 99.96%.

It was the company's second capital increase this year. 'Our two successful capital increases have raised approx. EUR 400 million in new funds this year... We have therefore built a sound foundation for continued dynamic growth. At the same time, we have sufficient scope for manoeuvre to participate in the opportunities which will arise in the German real estate markets,' said company chairman Ulrich Holler.

DIC Asset said it will use the net issue proceeds to finance further acquisitions of real estate assets up to EUR 1 bn and the first transactions are expected to be concluded shortly.

Established in 2002, DIC Asset, with registered offices in Frankfurt/Main, is a real estate company with a dedicated investment focus on commercial real estate in Germany. Its real estate portfolio consists of around 810,000 m² of floor space, spread over 269 properties.