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

Press Release

DIC Asset AG sells portfolio of residential properties - total volume of placements in the first half of this year increased

Frankfurt, 02.07.2007

Frankfurt-based DIC Asset AG has just sold a portfolio of 353 residential property units and a total area measuring 19,500 sqm to Deutsche Wohnen AG in Mainz, at a price of EUR 19.5 million. The residential properties are located in the cities of Mainz, Wiesbaden and Oberursel; almost 94% of them are currently let.

With this transaction, DIC Asset AG is divesting its portfolio of residential property, which had been acquired as a result of a number of portfolio transactions in recent years but which does not form part of the company's clearly defined core business. It means that DIC Asset AG has further reduced the residential portion of its portfolio, which now stands at 2.7%. The company's business strategy is focused exclusively on commercial property in Germany.

Together with additional recent sales of several individual properties (in Frankfurt, Hamburg and Ludwigsburg) worth approximately EUR 15 million, DIC Asset AG placed a number of properties, valued at EUR 167 million in total, in the first half of this year. These transactions, underlining the company's active portfolio management strategy, were based on individual portfolio and subportfolio sales.

About DIC Asset AG
Established in 2002, DIC Asset AG, with registered offices in Frankfurt/Main, is a real estate company with a dedicated investment focus on commercial real estate in Germany, pursuing a return-oriented investment policy. DIC Asset AG’s real estate portfolio currently includes around 1.1 million sqm of floor space, spread over 337 properties. The portfolio is divided into three segments: the Core portfolio includes the proprietary portfolio held on a long-term basis and offering stable, attractive rental yields; the Value-Added portfolio contains real estate with promising performance potential over the medium term; while the Opportunistic Co-Investments portfolio is comprised of real estate investments that have a more pronounced risk/return profile, which will be placed with third parties following a repositioning under an individual business plan. Real estate assets under management currently amount to approx. EUR 3 billion. DIC Asset AG has now been listed on the SDAX index for one year.

<< back