DIC Asset AG disposes of “Kaufhof Chemnitz” asset and achieves its transaction targets for the 2022 financial year

Press release

DIC Asset AG disposes of “Kaufhof Chemnitz” asset and achieves its transaction targets for the 2022 financial year

• Properties worth c. EUR 400 million disposed from proprietary portfolio
• Properties worth more than EUR 600 million acquired for the Institutional Business
• Further LTV reduction and portfolio optimisation through disposals

Frankfurt am Main, 4 January 2023. DIC Asset AG (“DIC”), WKN: A1X3XX / ISIN: DE000A1X3XX4, achieved its annual target range of EUR 400 to 500 million in notarised disposals on 30 December 2022 after disposing of the “Kaufhof Chemnitz” department store from its proprietary portfolio. Just before year-end, the property was sold to the Krieger Gruppe based in Berlin/Schönefeld. Krieger Gruppe is a company that is focused on retail. DIC exited from the investment with an attractive profit. It was agreed not to disclose the exact amount.

Earlier in December 2022, the sale of a portfolio of retail assets held by the company’s subsidiary VIB Vermögen AG (“VIB”) to a new open-ended special property fund had been notarised.

“As previously announced, we largely achieved our transaction targets for the year now concluded, and we did so despite the currently difficult market environment. The idea behind the disposals from our proprietary portfolio is to keep shifting our focus toward the asset classes of office and logistics while making progress in the planned reduction of our net financial liabilities,” commented Sonja Wärntges, CEO of DIC.

When DIC adjusted its forecast for the year 2022 in November 2022, it had stated its intention to spend a total of EUR 2.3 billion on acquisitions for its Commercial Portfolio (which was achieved by acquiring a majority interest in VIB). In the third-party business (Institutional Business), acquisitions in a total amount of EUR 650 to 700 million had been planned (while more than EUR 600 million worth of acquisitions were completed). The disposal target for the proprietary portfolio ranged from EUR 400 to 500 million (with c. EUR 400 million achieved). No disposals had been planned for the Institutional Business.

About DIC Asset AG:
 

DIC Asset AG is Germany’s leading listed specialist for office and logistics real estate with more than 20 years of experience on the real estate market and access to a broad-based network of investors. Our business is based on a regional and inter-regional real estate platform with nine offices on the ground in all major German markets (with VIB Vermögen AG included). We currently manage a total of 359 assets with a combined market value of EUR 14.5 billion on site, always close to our properties and their occupiers.

The Commercial Portfolio segment comprises real estate held for our own account. Here, we generate steady cash flows from stable rent revenues on long-term leases while also optimising the value of our portfolio assets through active management, and realising gains from sales.

In the Institutional Business segment, we earn recurrent fees from real estate services we provide to national and international institutional investors by structuring and managing investment products that return attractive dividend yields.

DIC Asset AG has been SDAX-listed since June 2006.

 IR/PR Contact DIC Asset AG:
Peer Schlinkmann
Head of Investor Relations & Corporate Communications
Neue Mainzer Str. 20 • MainTor Primus

D-60311 Frankfurt am Main
T +49 69 9454858-1492
ir@dic-asset.de