Frankfurt, 22.08.2018
DIC Asset AG, one of Germany's leading listed property companies, just acquired "Palais Kronberg", an office property in Kronberg im Taunus, for its Commercial Portfolio (proprietary portfolio).
Due to the central and conveniently accessed location in the Rhine-Main metro region and in direct proximity to Frankfurt am Main, Kronberg im Taunus has developed into an established office location. The modern office complex has a lettable area of 12,800 sqm and is fully occupied by renowned companies. The weighted average lease term (WALT) is 5.7 years. Serving the local demand for office accommodation, the architecturally timeless building has three highly presentable entrances and can easily be divided into units of flexible dimensions. The property was sold by Corestate Capital Holding S.A. and the transaction was facilitated by BNP PARIBAS Real Estate Frankfurt.
"The acquisition of Palais Kronberg continues the growth strategy we pursue for our proprietary real estate stock and thereby improves the key ratios of the Commercial Portfolio. Kronberg is an economically up-and-coming town, and has evolved into a sought office location," said Sonja Wärntges, CEO of DIC Asset AG.
Contact
DIC Asset AG
Nina Wittkopf
Head of Investor Relations and Corporate Communications
Neue Mainzer Straße 20 – MainTor
60311 Frankfurt am Main
Phone +49 69 9454858-1462
Fax +49 69 9454858-9399
ir@dic-asset.de
About DIC Asset AG:
DIC
Asset AG is one of Germany's leading listed property companies, and
specialises in commercial real estate. With around 20 years of
experience on the German real estate market, the company maintains a
regional footprint on all major German markets through six branch
offices, and has around 185 assets with a combined market value of c.
EUR 5.0 billion under management. DIC uses a hybrid business model to
manage its business divisions Commercial Portfolio, Funds and Other
Investments. Taking an active asset management approach, DIC employs its
proprietary, integrated real estate management platform to raise
capital appreciation potential in its business divisions and to boost
its revenues.
In its Commercial Portfolio division (EUR 1.6 billion in assets under management), DIC acts as proprietor and property asset holder, and thus generates revenues both from the management of the assets and through the value optimisation of its own real estate portfolio. The Funds division (EUR 1.8 billion in assets under management) generates its revenues by acting as issuer and manager of special real estate funds for institutional investors. Gathered in the business unit Other Investments (EUR 1.6 billion in assets under management) are strategic financial investments, the management of properties in which the company holds no equity stakes, equity investments in property developments, and joint venture investments. 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.
For more details on DIC Asset AG, go to the internet at www.dic-asset.de.
Deutsche Immobilien Chancen AG & Co. KGaA
Neue Mainzer Straße 32 - 36
60311 Frankfurt am Main
Germany
Phone
+49 (0) 9450709–0
Fax
+49 (0) 69 9450709–9998