DIC Asset AG successfully sold Riverpark development project in Frankfurt am Main
Frankfurt am Main, 20 April 2021. DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany's leading listed property companies, today announces the disposal of Riverpark, a development project in direct riverside location in downtown Frankfurt (on Wiesenhüttenstrasse / Untermainkai), through its subsidiary GEG German Estate Group GmbH ("GEG") on behalf of an individual mandate. GEG already held the development asset in its portfolio at the time the company was taken over by DIC Asset AG in 2019. The transfer of possession, benefits and burdens is scheduled for the coming weeks. It was agreed not to disclose the selling price.
The standing property on Wiesenhüttenstrasse was until now used for commercial purposes, most notably as offices. The previous occupier (Union Investment) has vacated the premises.
"In conjunction with the continuous analysis of our portfolio and in line with the ongoing concentration on specific asset classes, we decided together with the institutional investor of this individual mandate, and after having looked into several strategic options, to dispose of the entire project, thereby achieving the best possible exit for the investor," commented Christian Bock, Chief Institutional Business Officer 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:
Head of Investor Relations & Corporate Communications
Neue Mainzer Strasse 20
D-60311 Frankfurt am Main
Phone +49 69 9454858-1492
20.04.2021 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