DGAP-News DIC Assets
DGAP-News: DIC Asset AG / Key word(s): Investment
11.05.2017 / 09:02
DIC Asset Supports TLG Immobilien AG Takeover Offer to WCM Shareholders
– Attractive appreciation from WCM shareholdings
– Participation in the continued development of TLG
Frankfurt am Main, 11 May 2017. DIC Asset AG (WKN A1X3XX / ISIN DE000A1X3XX4) supports the public takeover offer submitted by TLG Immobilien AG (“TLG”) for the shares of WCM Beteiligungs- und Grundbesitz-AG (“WCM”). On the basis of a tender agreement with TLG, the Management Board of DIC resolved, with the consent of the Supervisory Board, to hand in the WCM shares held by DIC along the lines of the previously announced takeover offer to WCM shareholders.
“Together with WCM, we acquired a stake in an attractive real estate portfolio, and clearly profited from the growth trajectory of WCM on the real estate and capital markets. The takeover offer now announced results in a financially attractive scenario for the shareholders of DIC. Through the transaction, we will acquire a substantial share in an interesting German public limited company for commercial real estate,” said Aydin Karaduman, CEO of DIC Asset AG.
Subject to the final fixing of the minimum prices and the final stipulations in the offer document, the offer proposes to swap 5.75 shares in WCM as quid-pro-quo for one no-par-value bearer share in TLG Immobilien, each having a notional value of EUR 1.00 in the share capital of TLG Immobilien. Based on the closing price of the TLG Immobilien stock one day before the offer was announced, the offer price is EUR 3.36 per WCM share and thus equals a premium of 17.8 percent on WCM’s pro-forma EPRA NAV in an amount of EUR 2.85 for each WCM share.
DIC holds 25.95 percent of WCM’s share capital, which translates into a share total of 34,239,982 shares that were acquired by the company at the average price of EUR 2.79 in several transactions.
“Our efforts to build up a significant equity interest in WCM early on created the key prerequisite that made this industry-consistent consolidation of two mutually complementary property portfolios possible,” Karaduman added.
“Regardless of this transaction, we will strictly continue to expand our hybrid business model, which consists of our in-house portfolio management and our fund business. With the drastic reduction of our LTV ratio, our almost concluded portfolio optimisation, and the launch of another office property fund, we are right on schedule, and have prepared the ground for organic growth,” Karaduman went on to say as he elaborated the strategic outlook of DIC.
For more details on DIC Asset AG, please visit the company’s homepage at www.dic-asset.de.
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|Company:||DIC Asset AG|
|Neue Mainzer Straße 20 * MainTor|
|60311 Frankfurt am Main|
|Phone:||+49 69 9454858-1462|
|Fax:||+49 69 9454858-9399|
|ISIN:||DE000A1X3XX4, DE000A1TNJ22, DE000A12T648|
|WKN:||A1X3XX, A1TNJ2, A12T64|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|