DIC Asset acquires office portfolio for a combined price of c.€267M
This brings the total value of assets acquired since the start of the year up to c. €1.3 billion.
DIC Asset AG, one of Germany's leading listed property companies, concluded the notarisations for a total of four properties located in Cologne and Dortmund in the last days.
This brings the total value of assets acquired since the start of the year up to c. €1.3 billion. It also means that, as of early December, DIC has already achieved its annual acquisition target, which it had announced at the start of the year as being between €1.2 and 1.8 billion for both segments.
On behalf of the so-far largest special fund in the company's history, DIC acquired a portfolio of three core office properties in Cologne rom TPG Real Estate Partners (TREP), the dedicated real estate equity investment platform of global alternative asset firm TPG, for a combined price of c. €267 million (total investment costs, TIC), thereby investing more than 80% of the funds raised.
In addition, the investment team of DIC purchased a new high-end office scheme in Dortmund on behalf of the "DIC Office Balance V" special fund for c. €19 million (TIC). The fund is now fully invested as a result.