DIC Asset AG Secures Construction Project near Kurfürstendamm in Berlin for its Commercial Portfolio

Press Release

DIC Asset AG Secures Construction Project near Kurfürstendamm in Berlin for its Commercial Portfolio

Frankfurt am Main, 13 December 2018. DIC Asset AG, one of Germany’s leading listed property companies, contractually secured a construction project at Heilbronner Str. 26 in Berlin via a forward deal with CASADA GmbH, a company active in the field of property developments and project control in Germany. The total investment volume adds up to c. 90 million euros.

The office development planned by CASADA GmbH is located in the Halensee sub-district of West Berlin, quite close to Kurfürstendamm. The economic growth of the German capital has outpaced the national average for years, and the city’s office market is highly attractive for occupiers and investors alike. The persistently strong demand for office accommodation reassured DIC in its intention to secure this project in such a superior location. The modern eight-storey new building with its high fit-out standard and state-of-the-art technical specifications will provide around 16,000 sqm of lettable area after its completion in early 2021. The plans call for flexible layout concepts and unit sizes, especially so as to accommodate the strong demand for connected floor plates.

“Once completed, this new construction project will optimally complement our proprietary portfolio in regard to the economically significant location of Berlin and the quality of the property itself. It will sustainably bolster the operating performance indicators and mix of our portfolio,” said Sonja Wärntges, CEO of DIC Asset AG.

Engel & Völkers Commercial Berlin acted in an intermediary role for the transaction.

For more details on CASADA GmbH, go to the internet at www.casada-gmbh.de.

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 181 assets with a combined market value of c. EUR 5.1 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 1.9 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.