DGAP-News DIC Asset AG Gains c. EUR 34 Million in Profits from Successful Sale of Two Non-Strategic Properties
DGAP-News: DIC Asset AG / Key word(s): Real Estate/Disposal
DIC Asset AG Gains c. EUR 34 Million in Profits from Successful Sale of Two Non-Strategic Properties
- Two properties in Berlin and in Düsseldorf sold for c. EUR 108 million
- Sales prices exceed most recent market values by around 20%
- Volume of property sales reaches forecast target
Frankfurt am Main, 20 October 2020. DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany's leading listed property companies, notarised the sale of two non-strategic properties out of its Commercial Portfolio, thereby realising their good value performance of the last years. One of the sales involved a multi-tenant property on Landsberger Strasse in Berlin-Mahlsdorf, the other one a hotel property on Münsterstrasse in Düsseldorf. The transfer of rights, benefits and obligations is planned for mid to end of the fourth quarter 2020.
The two properties, each sold to a different buyer, achieved a combined sales price of c. EUR 108 million, which is around 20% above the last market values appraised. The sales profit from the two transactions approximates EUR 34 million, while the cash flow adds up to c. EUR 60 million (either figure before taxes).
The cumulative property sales volume of c. EUR 120 million achieved in 2020 to date has thus reached the year's sales target for the Commercial Portfolio.
About DIC Asset AG:
With more than 20 years of experience on the German real estate market, the company maintains a regional footprint on all major German markets through six branch offices, and has 186 assets with a combined market value of c. EUR 8.5 billion under management (as of 30/06/2020).
Taking an active asset management approach, DIC Asset AG employs its proprietary, integrated real estate management platform to raise capital appreciation potential company-wide and to boost its revenues.