DIC Group has sold the Grunhof commercial centre in Frankfurt which comprises 15,000 m[sup]2[/sup] of office and commercial space to Bayerische Versorgungskammer (BVK) for about EUR 47 mln.
DIC Group has sold the Grunhof commercial centre in Frankfurt which comprises 15,000 m2 of office and commercial space to Bayerische Versorgungskammer (BVK) for about EUR 47 mln.
Frankfurt-based DIC and MSREF (Morgan Stanley Real Estate Funds) acquired the property immediately after its completion in early 2004. In the following years DIC boosted the occupancy rate of the centre which is today nearly 100% leased, the company said. The building houses the headquarters of DIC Group as well as the German head office of Nintendo Europe. Main tenants also include PA Consulting Group, business consultant Grolman Result and the Rewe Group with over 4,000 m2 of retail space.
DIC's CEO Ulrich Holler said: 'We acquired this property unlet at a time when demand was low and we had difficult market conditions. The leasing results of the last years show that we succeeded in realising the building's opportunities. What the transaction also shows is that attractively positioned property - also with larger transaction volumes - is still disposable even in the current difficult market environment.'
BVK was advised by Trompetter Immobilien.
