DGAP-News

DIC Asset rents approximately 4,400 sqm to GOLD INN Group

DGAP-News: DIC Asset AG / Key word(s): Real Estate
DIC Asset rents approximately 4,400 sqm to GOLD INN Group

28.06.2016 / 07:59
The issuer is solely responsible for the content of this announcement.

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Press Release
Frankfurt, 28 June 2016

DIC Asset rents approximately 4,400 sqm to
GOLD INN Group

- Building in Hamburg with office and retail premises, built in 1873, to
accommodate hotel

- Historic 10,900 sqm warehouse is now fully let

- Rental proves attractiveness of properties in the "DIC Office Balance
II" fund

DIC Asset AG has let some 4,400 sqm of a historic warehouse in Hamburg
under a long-term rental agreement. In spring 2017, Angleterre Hotel GmbH &
Co. KG (part of the GOLD INN Group) will open the four-star "GINN Hotel
Hamburg", covering four floors of the former warehouse building and
offering more than 132 rooms. The property, built in 1873 and remodeled as
well as extended in 1996, with a total lettable area of some 10,900 sqm, is
now fully let. The historic building, located on the banks of the Elbe
river and near to Hamburg's famous fish market, also accommodates office
and retail premises as well as a restaurant. The property belongs to the
"DIC Office Balance II" fund launched in July 2014, which is invested in
Germany's top seven cities and in the most prosperous metropolitan regions.
This fund focuses on existing properties with long-term rental contracts,
which are used primarily as office space and offer value potential. The
total fund volume now surpasses EUR 220 million.

DIC Asset AG acquired the listed building for its "DIC Office Balance II"
fund in January 2015 - at a vacancy ratio of roughly 40 percent. The
building is being partly renovated and upgraded by the construction of a
new lobby as part of the planned market repositioning. DIC Onsite, as asset
and property manager of DIC Asset AG, accompanied the project and led the
rental. "Within a short period of time, we developed a successful
positioning concept for the property and the empty office space. The great
location on the banks of the Elbe river and the historic charm of the
property are terrific starting points for the planned hotel business. We
are delighted to cooperate with Angleterre Hotel GmbH & Co. KG, an
experienced hotel operator and developer. This will transform one part of
the existing office space into a hotel to be run on a long-term horizon",
said Aydin Karaduman, Chairman of the Management Board (CEO) of DIC Asset
AG. The "GINN Hotel Hamburg" will be the GOLD INN Group's fourth hotel. At
present, the Group runs three hotels in Berlin.