Frankfurt-based Deutsche Immobilien Chancen Asset has announced the sale of an office portfolio to the French investor Inovalis for EUR 90 mln. The sale comprises 48 assets from the FraSpa portfolio, acquired by DIC in 2004, and the MEAG portfolio, purchased in 2005.
Frankfurt-based Deutsche Immobilien Chancen Asset has announced the sale of an office portfolio to the French investor Inovalis for EUR 90 mln. The sale comprises 48 assets from the FraSpa portfolio, acquired by DIC in 2004, and the MEAG portfolio, purchased in 2005.
The properties, with an average vacancy rate of 10%, are mainly located in West Germany and Frankfurt and provide a gross lettable area of 70,000 m2. According to researchers at merchant bank Kempen & Co. the FraSpa assets were valued at a gross yield of 6.9% and the MEAG ones at 6.5%.
In addition, the free float of the company will increase from 47% to 55%, going over the 50% level for the first time. The boost is due to a replacement of a 8.25% shares, equivalent to 2.35 million shares, owned by DIC's strategic shareholders. The shares, at a price of EUR 31 each, will raise proceeds for EUR 73 mln.
DIC was founded in Frankfurt in 1998 and is one of the most prominent firms in Germany specializing in commercial real estate transactions. Its business activities include portfolio and asset management, which are handled by its prime standard listed company, DIC Asset. The real estate assets managed by the DIC group amount to around EUR 2 bn.
