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

Press Release

DIC Group sells Commercial Center „Grünhof“ in Frankfurt to Bayerische Versorgungskammer

Frankfurt, 19.01.2009

The Frankfurt-based company DIC - Deutsche Immobilien Chancen AG & Co. KGaA has sold the “Grünhof” commercial center in Frankfurt with about 15,000 sqm office and commercial space to Bayerische Versorgungskammer (for their supplementary insurance for the Bavarian local authorities). The transaction volume is about EUR 47 million. During the transaction, BVK were advised by the brokers Trompetter Immobilien GmbH.

Following an anti-cyclical investment strategy, DIC had acquired the “Grünhof” immediately after its completion in early 2004 together with MSREF (Morgan Stanley Real Estate Funds) – each with a 50 per cent interest – as a vacant commercial center in mint condition. In the following years DIC had repositioned the commercial center with a new marketing concept. Today, the complex is leased at nearly 100 per cent. The DIC Group (including DIC Asset AG) has its head office there along with the German office for the headquarters of Nintendo Europe. Also located there are the German headquarters of the PA Consulting Group, the business consultants Grolman Result and the REWE store with a sales area of more than 4,000 sqm, which was recently chosen as the best German supermarket by the German food journal “Lebensmittelzeitung”.

DIC CEO Ulrich Höller: "We acquired this property unlet at a time when demand was low and we had difficult market conditions. The leasing results of the last years show that we succeeded in realising the buildings opportunities. What the transaction also shows is that attractively positioned property– also with larger transaction volumes - is still disposable even in the actual difficult market environment."

About DIC
DIC (Deutsche Immobilien Chancen), active throughout Germany, 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 specialising in commercial real estate transactions. Its business activities include portfolio and asset management, which are handled by its SDAX listed company, DIC Asset AG, as well as project development and opportunistic investments. It currently has an interest of approximately 40 per cent in DIC Asset AG. The real estate assets managed by the DIC Group currently amount to around EUR 3.5 billion.

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