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DIC Asset AG buys Mercedes-Benz-Center in Cologne-West for its balance sheet portfolio

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DGAP-News: DIC Asset AG / Key word(s): Acquisition
27.04.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

Press Release

DIC Asset AG buys Mercedes-Benz-Center in Cologne-West for its balance sheet portfolio

Frankfurt am Main, 27 April 2021. DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany's leading listed property companies, acquired the Mercedes-Benz-Center at Mercedes-Allee 1 in Cologne-West for its balance sheet portfolio. The benefits and burdens of the property have been transferred. The total investment costs (TIC) for the property, which meets high-end architectural and quality standards, approximate EUR 71 million.

The flagship property, located in the technology park in Cologne's Müngersdorf district, is fully occupied by the blue-chip company Daimler AG. The latter uses the strategically important location as a prestigious show room for its product line-up while also providing a full range of services for the entire Rhineland region from here.

The hybrid-use building of four above-ground and two basement levels was constructed for Daimler AG in 2006. It features state-of-the-art exhibition space, office units, conference rooms and gastronomy units as well as workshops. In addition, it provides over 400 parking spots. The lease will expire at the end of 2025 (in 4.7 years) and has two renewal options of 5 years each. The gross rental yield relative to the purchase price before expenses exceeds 7%.

The building cluster with c. 34,600 sqm is conveniently accessible. The S-Bahn station of the technology park and the proximity of the "Köln-West" motorway interchange (A1/A4) put downtown Cologne within easy reach. The submarket between Cologne's districts of Ehrenfeld and Braunsfeld has established itself as a technology and automotive business cluster and shows considerable development potential. In fact, a variety of property developments are under way in the immediate vicinity. Moreover, the City of Cologne is looking into ways to turn this district into a living and working area fit for the future, and will create a new urban development plan for it in the years ahead.

"The acquisition of the Mercedes-Benz-Center represents yet another milestone deal for us. This acquisition for our balance sheet portfolio immediately starts to generate attractive cash flows and positions us within a dynamic environment in western Cologne where we will shape the further development of this area in the years to come, together with the most important local players," commented Sonja Wärntges, CEO of DIC Asset AG.

 

About DIC Asset AG:

DIC Asset AG is Germany's leading listed specialist for commercial real estate with more than 20 years of experience on the real estate market and access to a broad-based network of investors. Our business is based on a regional and inter-regional real estate platform with eight offices on the ground in all major German markets. We manage 225 assets with a combined market value of c. EUR 10.3 billion on site, always close to our properties and their occupiers.

The Commercial Portfolio segment (EUR 2.0 billion in assets under management) represents the proprietary real estate portfolio of DIC Asset AG. Here, we generate constant cash flows from stable rent revenues on long-term leases while also optimising the value of our portfolio assets through active management and realising gains from sales.

In the Institutional Business segment (EUR 8.3 billion in assets under management), we earn recurrent fees from real estate services we provide to national and international institutional investors by structuring and managing investment vehicles that return attractive dividend yields.

DIC Asset AG has been SDAX-listed since June 2006.

IR Contact DIC Asset AG:
Peer Schlinkmann
Head of Investor Relations & Corporate Communications
Neue Mainzer Strasse 20
D-60311 Frankfurt am Main
Phone +49 69 9454858-1492
ir@dic-asset.de


27.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

DIC Asset AG

Neue Mainzer Straße 20

60311 Frankfurt am Main

Germany

Phone:

+49 69 9454858-1492

Fax:

+49 69 9454858-9399

E-mail:

ir@dic-asset.de

Internet:

www.dic-asset.de

ISIN:

DE000A1X3XX4, DE000A12T648, DE000A2GSCV5, DE000A2NBZG9

WKN:

A1X3XX, A12T64, A2GSCV, A2NBZG

Indices:

S-DAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange

EQS News ID:

1188324


 

End of News

DGAP News Service

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