Frankfurt-based DIC Asset said it has sold commercial real estate in Germany for a total transaction volume of EUR 36 mln 'in spite of the difficult market environment'. The assets are in Bavaria, Berlin and the Ruhr area, and the company said last year's book and market values of the properties were exceeded in each case.
Frankfurt-based DIC Asset said it has sold commercial real estate in Germany for a total transaction volume of EUR 36 mln 'in spite of the difficult market environment'. The assets are in Bavaria, Berlin and the Ruhr area, and the company said last year's book and market values of the properties were exceeded in each case.
The largest of the properties was the 9,500-m2 headquarters of Pfleiderer in Neumarkt, Bavaria, which was sold to a private investor. In Berlin, five smaller office properties were sold to a private investor. The properties are in locations such as the Teltower Damm, Mariendorfer Damm and Golzstraße. In addition, DIC Asset sold a hypermarket in the greater Paderborn area to an institutional investor.
DIC Asset was advised in the Pfleiderer and Paderborn transactions by brokers Brockhoff & Partner in Essen, and in the disposal in Berlin by brokers Engel & Völkers.
CEO Ulrich Holler: 'These disposals put us on the finishing straight for 2008. They provide the proof that our sales strategy and our network are effective even in an extremely difficult market environment and that profits can be made.'
Established in 2002, DIC Asset focuses exclusively on investments in German commercial real estate and has built up EUR 3.5 bn of assets under management. The company has been listed on the SDAX index since June 2006.
