Frankfurt-based real estate investment company DIC Asset has acquired a portfolio of offices and business premises in Germany from insurers AXA Group and DBV Winterthur in a sale and partial leaseback deal. The combined total area involves about 182,000 m[sup]2[/sup] and the total investment volume, including costs, amounts to EUR 320 mln. The area is divided into 15 real estate complexes mainly in the Rhine-Main region, Wiesbaden, Düsseldorf, Berlin and Munich.
Frankfurt-based real estate investment company DIC Asset has acquired a portfolio of offices and business premises in Germany from insurers AXA Group and DBV Winterthur in a sale and partial leaseback deal. The combined total area involves about 182,000 m2 and the total investment volume, including costs, amounts to EUR 320 mln. The area is divided into 15 real estate complexes mainly in the Rhine-Main region, Wiesbaden, Düsseldorf, Berlin and Munich.
Following the sale, AXA and DBV Winterthur will lease back around 37% of the space on a long-term basis. Most of the properties are let to tenants such as Telekom, SAP and Saturn. The current annual rent is about EUR 23 mln, corresponding to a rental yield of 7.1 %.
DIC Asset focuses on commercial real estate in Germany and pursues a return-oriented investment policy. This transaction brings its real estate portfolio to around 1.3 million m2 of floor space spread over 344 properties, with a total value of around EUR 3.3 bn.
