DIC Asset sells three more properties

DIC Asset said it has sold three properties in Germany for a total volume of about EUR 13 mln. The Frankfurt-based company sold a mixed-use property of some 5,000 m² of office and retail space on Rathausplatz in Eschborn, near Frankfurt, to the Eschborn town council. Additionally, two smaller properties in Hamburg were sold.

All three properties were part of DIC Asset's opportunistic co-investments segment, which comprises real estate investments with a more pronounced return profile, SDAX-listed DIC Asset said. CEO Ulrich Holler: 'In 2009, DIC remains busy with its selective sales strategy. The transactions prove that the market is receptive for active and well-connected participants despite continuing very difficult conditions.'

In December 2008, DIC Asset said that despite the difficult market environment, it conducted several sales with a total volume of EUR 36 mln in Bavaria, Berlin and the Ruhr area. In each case, last year's book and market values of the properties were exceeded. The largest of the properties sold was the headquarters of Pfleiderer AG in Neumarkt, Bavaria, which DIC acquired in 2005.

Established in 2002, DIC Asset is a real estate company that invests exclusively in German commercial real estate in the core, value-added and opportunistic co-investment segments. The firm has about EUR 3.5 bn of real estate assets under management.