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DIC Asset AG Successfully Sells 'Villa Kennedy' Hotel Asset in Frankfurt

DGAP-News: DIC Asset AG / Key word(s): Real Estate/Disposal DIC Asset AG Successfully Sells 'Villa Kennedy' Hotel Asset in Frankfurt 08.03.2021 / 07:30 The issuer is solely responsible for the content of this announcement. Press Release

DIC Asset AG Successfully Sells "Villa Kennedy" Hotel Asset in Frankfurt

• Disposal after six-year holding period for an individual mandate in the company's third-party business
• Hotel share in the Institutional Business significantly reduced thereby

Frankfurt am Main, 8 March 2021. DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany's leading listed property companies, just sold the "Villa Kennedy" luxury hotel on Kennedyallee in Frankfurt to CONREN Land, a real estate investor. The property had been managed by the company's operating subsidiary, GEG German Estate Group GmbH, within the framework of an individual mandate in the third-party business for institutional investors ("Institutional Business"). The selling price for the high-end landmark property is in the upper double-digit millions.

DIC Asset AG succeeded in completing the disposal as planned, and thus accomplished a profitable exit for its institutional client after a holding period of around six years. The hotel share of the Institutional Business, which had already been on a very low level, was further significantly reduced by the successful disposal. In the context of its growth strategy, DIC Asset AG will sharpen its focus on the sought-after asset classes office and logistics.

"Within a dynamic market environment, we have properties in all stages of their investment cycle in our care. Our 360° approach includes the realisation of attractive profits from disposals within the framework of our institutional client mandates," commented Sonja Wärntges, CEO of DIC Asset AG.

Originally built in 1901 and massively expanded in 2006, "Villa Kennedy" has a gross lettable area of nearly 20,000 sqm plus 126 underground parking spots. The five-star hotel, which is operated by luxury hotel group Rocco Forte, occupies around 19,250 sqm. The premises also include 610 sqm of office space and 110 sqm of storage areas. The section of the building cluster that houses the hotel reception, among other rooms, is Villa Speyer, a listed mansion named after banker Eduard Beit von Speyer for whom it was built.