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DIC Asset buys German office properties

DIC Asset AG acquired two office properties in Germany.

In Berlin, the diversified real estate company acquired a roughly 10,100-square-meter building for about €111 million. Deutsche Kreditbank AG fully occupies the building with a remaining lease term of 5.1 years. Real I.S. AG sold the Taubenstraße 7-9 property on behalf of Bayernfonds Immobilienverwaltung Objekt Berlin Taubenstraße KG. Transfer of ownership is scheduled for the fourth quarter.

The DIC Office Balance V special fund paid approximately €31 million for the roughly 5,000-square-meter Am Brill building and the approximately 12,200-square-meter Am Wall office complex in Bremen. Am Brill is roughly 80% leased to blue-chip tenants, including insurance and logistics companies. Am Wall is mostly vacant, and DIC is planning to refurbish it in the coming months. Transfer of ownership is expected to take place in the third quarter.

CBRE brokered the transaction in Berlin, while Colliers International advised DIC Asset on the Bremen acquisition.