DIC Asset sells retail property in Flensburg for EUR 29m

German-listed DIC Asset has sold a retail property located in the centre of Flensburg for some EUR 29 mln to an international institutional investor. The group of buildings, which has a lettable area of some 7,000 m2, is nearly fully let. The transaction was brokered by Jones Lang LaSalle.

DIC Asset acquired the property in 2007 as part of a portfolio purchase.

Following the sale of this property, DIC has realised EUR 107 mln from property transactions since the beginning of the year. In total it has sold 25 properties offering lettable space of 56,000 m² since the start of 2010. As a result, it has already significantly exceeded its transaction target, which was set in August 2010, of at least EUR 80 mln. At the end of the first half of 2010, sales stood at EUR 36 mln.

Ulrich Höller, CEO of DIC Asset: 'This deal is a further indication of the significant firming in the investment market since the middle of the year. Following the small-volume sales of the last two years, which were forced upon us by the crisis, larger-scale transactions on reasonable terms are now possible once more.'

Established in 2002, DIC Asset is focused on commercial real estate in Germany. Real estate assets under management amount to EUR 3.2 bn.