German listed property company DIC Asset has sold the Villa Kennedy luxury hotel on Kennedyallee in Frankfurt to real estate investor Conren Land for a high double digit amount.
The property had been managed by the company's operating subsidiary, GEG German Estate Group, within the framework of an individual mandate in the third-party business for institutional investors.
Originally built in 1901 and massively expanded in 2006, "Villa Kennedy" has a gross lettable area of nearly 20,000 m2 plus 126 underground parking spots. The five-star hotel, which is operated by luxury hotel group Rocco Forte, occupies around 19,250 m2. The premises also include 610 m2 of office space and 110 m2 of storage areas.
DIC Asset succeeded in completing the disposal and securing a profitable exit for its institutional client after a holding period of around six years.
The sale significantly reduces DIC Asset’s exposure to the hotel sector with the company planning to focus on the sought-after asset classes office and logistics going forward.
‘Within a dynamic market environment, we have properties in all stages of their investment cycle in our care. Our 360° approach includes the realisation of attractive profits from disposals within the framework of our institutional client mandates,’ commented Sonja Wärntges, CEO of DIC Asset.
