Office properties continue to be an interesting segment for real estate investments. Above all, properties are sought in economically strong cities that also have good prospects for the future. The two cities of Cologne and Stuttgart are undoubtedly among them. The state capital of Baden-Württemberg and the metropolis on the Rhine are booming. Reason enough for Frankfurt’s DIC Asset AG to acquire two office properties. This article is based on the unique List of the 400 largest German real estate investors in Germany.
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Two deals for a total of 160 million euros
In Cologne, DIC Asset has purchased the new office building “Hangar One”. The name of the building refers to its location on the historic airport site in the Ossendorf district of Cologne. It is a five-storey building with 8,500 square metres of rental space. The construction is nearing completion and 60 percent of the space has already been let. The tenants come from the IT consulting, flexible office and industrial specialty materials sectors. The deal was for a DIC asset special fund at a price of around EUR 38 million.
The Stuttgart property “Look 21” is located in the centre of the state capital. Component B was acquired. The multi-tenant property is also a new building and has 11,200 square meters of rental space. Look 21 captivates with its curved facade and thus clearly stands out from its surroundings. The DIC Asset property has already been let long-term to service providers in the infrastructure sector. The purchase with a volume of 122 million was realised for a further special fund.
The new additions from Cologne and Stuttgart are for the Business Institutional segment of DIC Asset. In this area, the investor from Frankfurt launches property funds for institutional investors and had around EUR 6.6 billion in assets under management in mid-2020. The Commercial business segment, with approximately EUR 1.9 billion assets under management, is responsible for proprietary business.
Source: Immobilien Zeitung Picture source: Unsplash