DIC Asset extends 11,000 sqm lease with Free and Hanseatic City of Hamburg until 2027

DIC Asset extends 11,000 sqm lease with Free and Hanseatic City of Hamburg until 2027

• The “Behördencenter Hamburg-Mitte” property in Hamburg is one of the top 20 properties
  in the Commercial Portfolio
• Around 11,000 sqm extended until 2027
• Property is fully let with a WALT of about 7 years

Frankfurt am Main, 27 April 2020. DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany’s leading listed property companies, reports the successful early extension of the lease with the Free and Hanseatic City of Hamburg in the “Behördencenter Hamburg-Mitte” property (located at Kurt-Schumacher-Allee 2-6). The property is one of the top 20 properties in DIC’s own portfolio (Commercial Portfolio). The premature extension of the lease of around 11,000 square meters over three more years until 2027 ensures the property’s sustainable cash flow.

The office property, built in 1983, has a total of approx. 13,100 square metres of rental space and is centrally located in the St. Georg district in the immediate vicinity of Hamburg Central Station. The letting team of DIC Onsite, the internal asset and property management platform of the DIC Group, again demonstrated its good letting performance by increasing the weighted average lease term (WALT) of the property from 4.5 years to around 7 years. Annualised rental income is currently around EUR 1.6 million p.a. with an unchanged high occupancy rate of 100 percent.

“We see this letting performance as a good signal for the continuing interest in our properties in the German real estate market, even in the current challenging situation caused by the Covid-19 pandemic. Against the background of this and other operational successes, we are well positioned to achieve our updated annual targets for 2020”, comments Sonja Wärntges, CEO of DIC Asset AG.

About DIC Asset AG:

With more than 20 years of experience on the German real estate market, the company maintains a regional footprint on all major German markets through seven branch offices, and has 180 assets with a combined market value of c. EUR 7.6 billion under management (as of 31/12/2019).

Taking an active asset management approach, DIC Asset AG employs its proprietary, integrated real estate management platform to raise capital appreciation potential company-wide and to boost its revenues.

In its Commercial Portfolio division (EUR 1.9 billion in assets under management (as of 31/12/2019)), DIC Asset AG 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.

In its Institutional Business division (EUR 5.7 billion in assets under management (as of 31/12/2019)), which operates under the name GEG German Estate Group, DIC Asset AG generates income from structuring and managing investment vehicles with attractive dividend yields for national and international institutional investors.

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

IR Contact DIC Asset AG:
Peer Schlinkmann
Head of Investor Relations & Corporate Communications
Neue Mainzer Strasse 20
D-60311 Frankfurt am Main
Phone +49 69 9454858-1492
ir@dic-asset.de