German listed property company DIC Asset has announced the acquisition of two retail real estate properties.
German listed property company DIC Asset has announced the acquisition of two retail real estate properties.
The assets were acquired on behalf of the DIC HighStreet Balance institutional fund for retail property for a sum of €30 mln.
The first asset is a 7,400 m2 property located in Trier that is fully let to fashion retailer SinnLeffers on a 10-year rental contract. The second is a 6,600 m2 property fully let to retailer C&A in Halle.
The latest transactions bring the volume of realised investments to €500 mln, more than 70% of the targeted €700 mln that the two current funds aim to achieve by 2015. DIC Asset has purchased assets for a total volume of €105 mln for the DIC HighStreet Balance fund so far in 2013.
Ulrich Höller, CEO of DIC Asset, said: 'As it is, the fund business with its dynamic growth makes a significant contribution to the income quality of DIC Asset AG. The most recent acquisitions of additional prime retail properties will ensure a long-term rent cash-flow from high-quality tenants for the fund investors.'
