Frankfurt-based DIC Asset has sold a portfolio of ten commercial properties to two Luxembourg investors advised by Westcity PLC and AXA REIM for a price of approximately EUR 86 mln. The properties cover a total area of about 60,000 m[sup]2[/sup] and are primarily used as office buildings. They are mainly located in mid-sized German cities such as Bochum, Gelsenkirchen, Ulm, Regensburg, Ingelheim and Neuss.
Frankfurt-based DIC Asset has sold a portfolio of ten commercial properties to two Luxembourg investors advised by Westcity PLC and AXA REIM for a price of approximately EUR 86 mln. The properties cover a total area of about 60,000 m2 and are primarily used as office buildings. They are mainly located in mid-sized German cities such as Bochum, Gelsenkirchen, Ulm, Regensburg, Ingelheim and Neuss.
Approximately 95% of the properties are currently let. The average lease term is three to four years. The transaction that was named ‘Mustang’ is partially a share deal and partially an asset deal. The buyers were advised by Knight Frank, the sellers by Colliers Trombello Kölbel.
CEO Ulrich Höller: 'The sale underlines our strategy of actively managing our portfolio and is part of our regular sales activities. This sale optimizes our current portfolio diversification, especially from a regional viewpoint.'
