Germany's DIC Asset announced on Wednesday that Solvia Vermögensverwaltung has joined as a new strategic investor through the purchase of a nearly 5% stake. DIC Asset, which operates in the German commercial real estate market, has sold 1.5 million shares acquired from the recently-completed buyback programme to the private asset manager for around EUR 10 mln. The shares were sold at a a price of EUR 6.50 each.
Germany's DIC Asset announced on Wednesday that Solvia Vermögensverwaltung has joined as a new strategic investor through the purchase of a nearly 5% stake. DIC Asset, which operates in the German commercial real estate market, has sold 1.5 million shares acquired from the recently-completed buyback programme to the private asset manager for around EUR 10 mln. The shares were sold at a a price of EUR 6.50 each.
DIC Asset had acquired the shares during the period from 10 October 2008 to 10 February 2009 at an average price of around EUR 4.90. The parties have agreed on a lock-up clause under which Solvia will agree not to sell the share block until the end of 2010.
Ulrich Höller, CEO of DIC Asset AG: ''This transaction will mean an inflow of new capital for DIC Asset and at the same time the company also gets an investor with both a long-term focus and an excellent knowledge of the German commercial real estate market. The new shareholder structure sets impulses and reinforces DIC Asset AG’s stability.'
DIC Group owns a 39.4% in the company with Morgan Stanley Real Estate Funds controlling a further 10.4%. The firm's free float stands at 45.1%.
