28.07.2016
DIC Asset AG DE000A1X3XX4
DGAP-News: DIC Asset acquires Retail Property Portfolio worth 220 Million Euros for Planned Investment Fund
DGAP-News: DIC Asset AG / Key word(s): Real Estate/Acquisition
DIC Asset acquires Retail Property Portfolio worth 220 Million Euros for
Planned Investment Fund
28.07.2016 / 07:27
The issuer is solely responsible for the content of this announcement.
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Press Release
Frankfurt, 28 July 2016
DIC Asset AG acquires Retail Property Portfolio worth 220 Million Euros for
Planned Investment Fund
- Acquisition of hybrid centre in Halle an der Saale and two shopping
centres in Hamburg
- Gross lettable area of around 75,000 sqm fully occupied
- Acquisitions worth nearly 300 million euros for investment funds
already transacted in 2016
DIC Asset AG (German Securities ID A1X3XX / ISIN DE000A1X3XX4) just
purchased three retail properties for c. 220 million euros. The portfolio's
three assets have a gross lettable area of around 75,000 square metres, and
are fully occupied. The weighted average lease term is around eleven years.
Two of the properties are shopping centres in the non-discretionary retail
sector located in Hamburg, one in the district of Harburg and the other in
the Bergedorf district. Their combined floor area of around 44,500 square
metres is fully occupied on long-term leases. The anchor tenant in both
properties, which were modernised in 2011 and now sold by their private
owner, is Marktkauf Holding GmbH, a member company of Edeka Group.
Additionally, DIC Asset acquired the hybrid centre "Neustadt-Centrum" in
the East German town of Halle an der Saale, which in addition to the retail
units includes offices, restaurants and a cinema. The seller is a joint
venture between Curzon Capital Partners III, a fund managed by Tristan
Capital Partners, and Cornerstone Real Estate Advisers GmbH. The shopping
centre, which has a gross lettable area of 30,700 square metres plus 933
parking spots, is 99 percent occupied. The anchor tenant is a "real,-"
superstore on a long-term lease. The three-storey standalone property is
located next to a heavily frequented artery, and is conveniently connected
to the public transport system. Jones Lang LaSalle facilitated the
transactions in Halle and Hamburg. The HSH Nordbank AG provided the
financing for the purchase.
Aydin Karaduman, CEO of DIC Asset AG: "What distinguishes the retail
properties we acquired are their long-term leases and therefore their
highly stable revenues, the outstanding micro-locations, and the high
degree of centrality in their respective sub-markets. The assets are
superbly suited for a retail investment fund with attractive dividend
yields. At the moment, it is planned to set these properties aside for a
retail fund we have yet to launch. We have already received encouraging
feedback from potential investors."
In addition to office property, the company also demonstrates a long-term
track record in the retail usage category. Indeed, DIC Asset has proven
retail expertise in selecting suitable retail assets, as well as in buying
and letting them. Great contacts to a number of leading retail multiples in
Germany (including Metro Group, H&M, C&A, P&C, SinnLeffers, among others)
help to identify tenant leads of first-rate credit worthiness. The overall
portfolio under DIC's management adds up to 250,000 sqm of retail area,
occupied by roughly 275 retail tenants.
In addition to the purchase just transacted, DIC Asset has already spent 77
million euros on property acquisitions this year to date. This means that
nearly 300 million euros have already been committed out of a target volume
of 400 to 450 million euros earmarked for the investment fund division of
DIC Asset in 2016. The assets under the management of the fund division,
which are administrated on behalf of third-party AIF management companies,
currently add up to c. 1.2 billion euros.
Aydin Karaduman: "We have kept expanding our fund business with much
success. As a result, the income of DIC Asset will have two major sources
in the future: One is the fund business, and the other being the rental
income from our commercial portfolio."
About DIC Asset AG:
Established in 2002, DIC Asset AG, with registered offices in Frankfurt/
Main, is a real estate company with an investment focus on commercial real
estate in Germany, pursuing a return-oriented investment policy. The
Company's investment strategy is geared to the continued development of a
high-quality, highly profitable and regionally diversified portfolio. Real
estate assets under management comprise 216 properties with an aggregate
market value of EUR 3.2 billion. The real estate portfolio is structured in
two segments: the Commercial Portfolio (EUR 1.7 billion) comprises existing
properties with long-term rental contracts generating attractive rental
yields. The Co-Investments segment (EUR 1.5 billion) comprises fund
investments (accounting for a share of EUR 1.2 billion), joint-venture
investments, and interests in development projects. In-house real estate
management teams provide a direct service to tenants, working out of six
different locations in each of the portfolio focus regions. This market
presence and expertise creates the basis for preserving and enhancing
earnings and real estate values. 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.
Press contact
RUECKERCONSULT GmbH
Jan Schweiger
Wallstrasse 16
D-10179 Berlin
Tel. +49-30-2844987-65
Fax +49-30-2844987-99
[email protected]
Investor Relations
Peer Schlinkmann
Neue Mainzer Straße 20 - MainTor
D-60311 Frankfurt am Main
Tel. +49-69-9454858-1221
Fax +49-69-9454858-9399
[email protected]
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28.07.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
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Archive at www.dgap.de
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Language: English
Company: DIC Asset AG
Neue Mainzer Straße 20 * MainTor
60311 Frankfurt am Main
Germany
Phone: +49 69 9454858-1221
Fax: +49 69 9454858-9399
E-mail: [email protected]
Internet: www.dic-asset.de
ISIN: DE000A1X3XX4, DE000A1TNJ22, DE000A12T648
WKN: A1X3XX, A1TNJ2, A12T64
Indices: S-DAX
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
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486319 28.07.2016
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