DIC Asset scores hat trick of acquisitions for €57m

Listed German property company DIC Asset has acquired three assets totalling €57 mln on behalf of its three investment funds.

The three acquisitions bring DIC Asset’s total investment volume to around €710 mln, the Frankfurt-based company said on Monday. It is targeting further acquisitions of between €130-150 mln by the end of 2015.

In the biggest of the three acquisitions, DIC Asset purchased an office property in Bonn for around €27 mln for its DIC Office Balance I fund. The multi-tenant 10,000 m2 asset was built in 1994 and is currently 90%-let let to five companies. The acquisition concludes the life of the fund, following investments of around €420 mln.

For its DIC Office Balance II, the company purchased a fully let, 5,200 m2 office property in Düsseldorf for around €15 mln.

In the third deal, DIC Asset acquired a 1,700 m2 retail asset in Saarbrücken for its DIC HighStreet Balance fund. The property is fully occupied by clothing manufacturer Esprit and was purchased for around €15 mln.

DIC Asset focuses on commercial real estate in Germany and has a total of 230 assets worth around €3.2 bn under management.

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