DIC sells four properties in Hamburg

Listed German real estate investor DIC Asset said it sold several co-investment properties in Hamburg at end-December to various investors for a total volume of EUR 31 mln. One office property from the value-added segment of DIC's portfolio was sold to an international institutional investor for over EUR 25 mln. The 15,000 m² property in the Stellingen district of the port city is leased to Deutsche Telekom. Frankfurt-based DIC and Morgan Stanley Real Estate Funds jointly acquired the property about two years ago.

DIC said it was also involved in the sale of three further properties from its opportunistic co-investment portfolio, with a total volume of just under EUR 6 mln. The properties, in which DIC held a 20% stake, were acquired from the City of Hamburg as part of the Primo-Portfolio at the end of 2006.

DIC's chairman Ulrich Höller said: 'The sales form part of our regular sales activities within the scope of our active asset management. In this way, we are realising attractive sales opportunities in order to optimise returns for our investors. With these sales, we can look back on a very successful business year, and can confirm our profit forecast for 2007, net income after taxes, depreciation and amortisation at between EUR 36 mln and EUR 38 mln.'

The company's portfolio of German real estate assets comprises 1.3 million m² of floor space, spread over 350 properties. The assets under management are valued at EUR 3.5 bn.