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DIC Asset acquires German properties for €100M, makes €22.6M sales

DIC Asset AG paid more than €100 million for an office property in Munich and three buildings in Eschborn, Germany, and sold two joint venture properties in Hamburg and Frankfurt for a total of €22.6 million.

The Munich property, in the Berg am Laim district, is fully leased with a lettable area of 18,300 square meters and 247 parking spaces.

The three-building ensemble in Eschborn has a gross lettable area of roughly 19,200 square meters and 520 parking spaces. It is 93% occupied with Deutsche Bank as the anchor tenant. The Eschborn properties were sold by a joint venture between Phoenix Real Estate and Art-Invest Real Estate.

The Hamburg and Frankfurt sales were carried out in the ongoing wind-up of DIC Asset's joint ventures that will no longer match the company's strategic orientation.