DIC Asset AG Buys ‘Doppel-X’ Office Property in Hamburg

Press Release

DIC Asset AG Buys “Doppel-X” Office Property in Hamburg

Frankfurt/Main, 04 December 2017. DIC Asset AG (WKN A1X3XX / ISIN DE000A1X3XX4) acquired the “Doppel-X-Haus” property located at Heidenkampsweg 58 in Hamburg from an institutional investor. The office building, which was raised in 1999 and extensively refurbished in 2017, is located in the Hammerbrook district and has a gross lettable area of 17,000 square metres plus 160 parking spots. Anchor tenants are two cruise tour operators, TUI Cruises and Hapag Lloyd Kreuzfahrten. CBRE and CMS Hasche Sigle acted as advisors for the acquisition.

“For the acquisition of the Doppel-X complex in Hamburg, we exploited our superb market access to secure another core asset in a persistently competitive market environment. Having added all three of the warehoused assets to the recently launched special real estate fund Retail Balance I in October, we thus have another superior warehoused asset at our disposal that will let us move ahead with our fund business as planned,” said Sonja Wärntges, CEO of DIC Asset AG.

DIC Asset AG employs the warehousing strategy to secure attractive properties for the purpose of forming start-up portfolios for special funds yet to be launched. Doing so enables the company to back new fund products with their first assets soon after they go live.

For more details on DIC Asset AG, visit the company’s homepage at www.dic-asset.de.
 

About DIC Asset AG:
DIC Asset AG is one of Germany’s leading listed property companies, and specialises in commercial real estate With around 20 years of experience on the German real estate market, the company maintains a regional footprint on all major German markets through six branch offices, and has around 180 assets with a combined market value of c. EUR 3.3 billion under management. DIC uses a hybrid business model to manage its business divisions Commercial Portfolio, Funds and Other Investments. Taking an active asset management approach, DIC employs its proprietary, integrated real estate management platform to raise capital appreciation potential in its business divisions and to boost its revenues.

In its Commercial Portfolio division (EUR 1.5 billion in assets under management), DIC acts as proprietor and property asset holder, and thus generates revenues both from the management of the assets and through the value optimisation of its own real estate portfolio. The Funds division (EUR 1.5 billion in assets under management) generates its revenues by acting as issuer and manager of special real estate funds for institutional investors. Gathered in the business unit Other Investments (EUR 0.3 billion in assets under management) are joint venture investments, equity investments in property developments, strategic financial investments, and the management of properties in which the company holds no equity stakes.

DIC Asset AG has been included in the SDAX(R) segment of the Frankfurt Stock Exchange since June 2006. The Company’s shares are also included in the EPRA index, which tracks the performance of the most important European real estate companies.