The DIC Group is one of the leading investors in the German market for commercial real estate

Press Release

DIC Asset AG sells Goethestraße property in Frankfurt and purchases Pfleiderer head office building

Frankfurt, 19.12.2005

Successful disposal of Goethestraße property

Frankfurt-based DIC Asset AG has sold the business premises at Goethestraße 30 to a private investor for approximately EUR 16.5 million. The property is part of the real estate portfolio acquired by DIC and the Morgan Stanley Real Estate Fund (MSREF) from Frankfurter Sparkasse in 2004, consisting of 57 properties with a total investment volume of EUR 150 million.

    Following the acquisition, DIC Asset AG restructured and refurbished the property, thereby creating attractive new retail and office space with a modern layout and an efficient infrastructure. Located in one of Frankfurt’s prime shopping areas between Goethestraße and Fressgasse, the retail space of 350 m² has already been let on a ten-year lease to Nespresso Deutschland GmbH, a subsidiary of Nestlé. Nespresso is to take over the let in April 2006 following completion of the redevelopment work, and will be setting up a Nespresso boutique on the premises.

This sale is one of a series of successful transactions effected by DIC Asset AG in the 2005 business year involving the disposal of properties which do not match the company’s long-term investment strategy and in which a gain in value has been generated.   

Acquisition of Pfleiderer head office building

DIC Asset AG has simultaneously purchased the head office of Pfleiderer AG in Neumarkt, Bavaria. Pfleiderer AG is quoted on the MDAX, the German stock exchange index for mid-sized companies. With its two business areas of engineered wood systems and infrastructure technology, it is one of Europe’s foremost systems suppliers for engineered wood, surface finishing and railway track technology. Its administration center with 9,500 m² of office space was planned by the well-known architect, Hadi Teherani. Pfleiderer has signed a 15-year lease. The investment amount was in the region of EUR 17 million.

About DIC Asset AG
The Frankfurt-based company DIC (Deutsche Immobilien Chancen) Asset AG, is the stock-exchange listed subsidiary of the DIC real estate group, Frankfurt, founded in 1998. It is active in the acquisition, sale, management and development of commercial real estate in the German market. The DIC group uses DIC Asset AG primarily as the vehicle for its real estate asset portfolio, which has undergone major expansion over the last few years. The volume of real estate assets under its management currently amounts to around EUR 400 million. Among the most important transactions completed in the recent past were the purchases of eBay’s German headquarters, the real estate portfolio of Frankfurter Sparkasse and the Degussa site in Frankfurt, deals which attracted considerable attention within the real estate sector. 

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