Javascript is disabled or not supported. Please enable JavaScript to display the website correctly.
If there are any problems, please contact us!

DIC is now Branicks. More about our new brand identity

DIC Asset AG acquires property portfolio from Landesbank Berlin

 ​DGAP-News DIC Assets​

DIC Asset AG / MiscellaneousAnnouncement transmitted by DGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.----------------------------------------------------------------------The real estate investor DIC Asset AG, listed on the Frankfurt stockexchange, has now purchased from Landesbank Berlin (LBB) their propertyportfolio consisting of 51 properties with a floor space of around 112,000sqm. The total investment is around EUR 147 million. Morgan Stanley RealEstate Funds (MSREF) as finance partner will give a share in thetransaction of 50 per cent.The taken over portfolio consists primarily of offices, retail outlets andservice outlets. The properties are in good locations within the city ofBerlin with several properties located, for example, in Wilmersdorf,Schöneberg and Charlottenburg. Among them 82 per cent are let – more than50 per cent to tenants from the Landesbank Berlin association, who use themas retail outlets and as offices. The average lease is around five years,the initial yield is in excess of seven per cent. Through its asset andproperty management subsidiary, DIC Asset is planning to open a branch inBerlin, so as to manage this portfolio as well as the other activities ofDIC within the Berlin region.Ulrich Höller, Chairman of the Management Board of DIC Asset AG: 'Followingon from the recently completed transaction with the City of Hamburg, DICAsset AG is making another noteworthy step towards regional diversificationof its portfolio in Germany with this purchase.'With this transaction, DIC Asset AG is increasing its portfolio to 320properties with a floor space in excess of 920,000 sqm. The real estateunder management will then amount to around EUR 2.2 billion. This expansionprovides DIC Asset AG with the initial basis for a far more activeportfolio management.About DIC Asset AGEstablished in 2002, DIC Asset AG, with registered offices inFrankfurt/Main, is a real estate company with a dedicated investment focuson commercial real estate in Germany, pursuing a return-oriented investmentpolicy. DIC Asset AG’s real estate portfolio currently includes around920,000 sqm of floor space, spread over 320 properties. The portfolio isdivided into three segments: the Core portfolio includes the proprietaryportfolio held on a long-term basis and offering stable, attractive rentalyields; the Value-Added portfolio contains real estate with promisingperformance potential over the medium term; while the OpportunisticCo-Investments portfolio is comprised of real estate investments that havea more pronounced risk/return profile, which will be placed with thirdparties following a repositioning under an individual business plan. Realestate assets under management currently amount to approx. EUR 2.2 billion.DIC Asset AG, which is listed on the SDAX, has just successfully completedits second capital increase this year. In total, EUR 400 million net hasbeen added to the company in 2006. The current market capitalization isover EUR 800 million. DIC Asset AG/Investor RelationsStephan GramkowGrünhof · Eschersheimer Landstraße 22360320 Frankfurt am MainFon. (069) 27 40 33-10Fax (069) 27 40 DGAP 17.12.2006 ---------------------------------------------------------------------- Language:     EnglishIssuer:       DIC Asset AG              Eschersheimer Landstr. 223              60320 Frankfurt DeutschlandPhone:        069 / 274033-0Fax:          069 / 274033-69E-mail:       info@dic-asset.deWWW:          www.dic-asset.deISIN:         DE0005098404WKN:          509840Indices:      S-DAXListed:       Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in              Berlin-Bremen, München, Stuttgart, Düsseldorf End of News                                     DGAP News-Service ---------------------------------------------------------------------------