DIC Asset AG: ‘Rosenthaler Höfe’ Office Building in Berlin-Mitte Sold to RFR Holding

Press Release

DIC Asset AG: “Rosenthaler Höfe” Office Building in Berlin-Mitte Sold to RFR Holding

Frankfurt am Main, 24/09/2018. DIC Asset AG, one of Germany’s leading listed property companies, successfully sold the “Rosenthaler Höfe” office property in Berlin’s Mitte district. Compared to other recent transactions in Berlin, it was a deal of benchmark character. The Rosenthaler Höfe asset was part of the start-up portfolio of the DIC Office Balance I institutional real estate fund that was launched in 2010 and consistently outperformed its target return every year. The buyer is the RFR Holding GmbH. While the parties agreed not to disclose the exact selling price, the transaction volume is well within the triple-digit millions.

The prestigious fully glazed office building with more than 13,000 sqm of lettable area is let in its entirety to SAP, the global market leader for enterprise software. Since its completion in 2003, the group has pooled its Berlin-based development, sales, consultancy and training activities in the building. Located in direct proximity of Hackescher Markt, the Rosenthaler Höfe complex occupies one the most attractive locations anywhere in Berlin. The property is still let to SAP for several years.

“By selling this landmark asset even in this very dynamic market situation in Berlin, we achieved an outstanding result for our long-term fund investors. It is yet another example of the superior know-how and professional working methods of our in-house investment team,” said Sonja Wärntges, CEO of DIC Asset AG.

DIC Asset AG was counselled exclusively by real estate service provider CBRE and the law firm bhp Bögner Hensel & Partner.

For more details on DIC Asset AG, go to the internet 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 185 assets with a combined market value of c. EUR 5.0 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 1.6 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 1.8 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 1.6 billion in assets under management) are strategic financial investments, the management of properties in which the company holds no equity stakes, equity investments in property developments and joint venture investments. 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.