DGAP-News DIC Assets
DGAP-News: DIC Asset AG / Key word(s): Real Estate
13.04.2018 / 08:30
DIC Asset AG leased around 16,500 Square Metres at DIC Office Balance II Properties in Cologne and Hanover
Frankfurt / Main, 13 April 2018. DIC Asset AG (WKN A1X3XX / ISIN DE000A1X3XX4) just reported successfully renewed rentals of around 16,500 square metres at two properties in Cologne and Hanover, which are held in the fund portfolio of the “DIC Office Balance II” institutional real estate fund.
At an office property, which is located in the southern part of Cologne’s town centre, directly overlooking Barbarossaplatz with a total floor area of around 13,400 square metres, signings for directly renewed rentals added up to a floor area of around 6,500 square metres. The excellent negotiating performance of the letting team of DIC raised the weighted average lease term (WALT) of the property, which was built in 1972 and comprehensively redeveloped in 2002, from 6.5 years to 9.3 years while also raising the rent rate by no less than 18 percent. The occupancy rate remains unchanged at 100 percent. While anchor tenant Rewe occupies around 3,860 square metres on the ground floor and in the basement, the upper floors of the scheme are used as office accommodation.
At the second asset, the Office Center Plaza in Hanover, which lies in direct proximity to the fair and has a gross lettable area of around 17,700 square metres, a subsequent lease for nearly 10,000 square metres was signed with a state-level authority in the first quarter, raising the occupancy rate from 95 to 100 percent. Following investments in conjunction with the lease signing for an overall term of more than 20 years, the property will be substantially upgraded. The signing raised the WALT from 1.9 years to 15.7 years. As with the other property, the rent at the Hanover asset now exceeds the average in its local sub-market in Hanover.
“Our in-house property management platform once again demonstrated its outstanding letting expertise and market know-how with these two fund assets. The assets are now fully occupied on long-term leases, and the rent hikes and upgrades of the properties will secure a continued long-term cash flow for our investors,” said Sonja Wärntges, CEO of DIC Asset AG.
For more details on DIC Asset AG, visit the company’s homepage at www.dic-asset.de.
About DIC Asset AG:
In its Commercial Portfolio division (EUR 1.6 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 1.3 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.
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|DIC Asset AG
|Neue Mainzer Straße 20 * MainTor
|60311 Frankfurt am Main
|+49 69 9454858-1462
|+49 69 9454858-9399
|DE000A1X3XX4, DE000A1TNJ22, DE000A12T648
|A1X3XX, A1TNJ2, A12T64
|Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Luxemburg
|End of News
|DGAP News Service