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

Press Release

DIC and MSREF successfully place office complex in Bad Homburg

Frankfurt, 23.02.2007

The Frankfurt-based DIC Group (Deutsche Immobilien Chancen) has sold an office building in Bad Homburg to the Spanish company Falcon Real Estate Investments SA based in Madrid for EUR 47.5 million.

The property, built in 2001, is in a central inner-city location in the direct vicinity of the main square and was bought jointly by DIC and Morgan Stanley Real Estate Funds (MSREF) in 2006 as an opportunistic investment. Fujitsu and Siemens are the key tenants of the office building, which has a total usable area of around 16,500 sqm. The commercial property was sold in line with the active portfolio management of DIC. The consultants and brokers of Atisreal acted as advisors.

About DIC
DIC (Deutsche Immobilien Chancen) was founded in Frankfurt in 1998 and, with its innovative investment philosophy and its focus on the German market, is one of the most prominent and successful firms in Germany specializing in commercial real estate transactions. Its business activities include portfolio and asset management, which are handled by its SDAX listed company, DIC Asset AG, project development and opportunistic investments. The real estate assets managed by the DIC group currently amount to over EUR 2.2 billion. Its shareholders are investment companies, institutional investors and private investors with a family background in industry.

About MSREF
Morgan Stanley Real Estate is comprised of three major global businesses: Investing, Banking and Lending. Since 1991, Morgan Stanley has acquired $102.0 billion of real estate assets worldwide and currently manages $60.5 billion in real estate assets on behalf of its clients.  In addition, Morgan Stanley Real Estate provides a complete range of market-leading investment banking services to its clients, including advice on strategy, mergers, acquisitions and restructurings, as well as underwriting public and private debt and equity financings. Morgan Stanley is also a global leader in real estate lending offering approximately $156.0 billion of CMBS through the capital markets since 1997, including $35.5 billion in 2006.
For more information about Morgan Stanley Real Estate, go to www.morganstanley.com/realestate.

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