DIC Asset AG has acquired the “Stadthaus” building in Cologne for approximately €500 million ($553 million).
"With this transaction, we are not only moving well beyond our initial acquisition target of €1.3 billion [$1.44 billion], but have also demonstrated the performance efficiency of our repositioned transaction team now that the integration of GEG has been completed," said Sonja Wärntges, CEO of DIC Asset AG. “The long-term mandate marks another big step on our way to our medium-term goal of having €10 billion [$11 billion] worth of assets under management. Moreover, we were able to purchase a highly attractive landmark property occupied by a triple-A tenant and distinguished by stable long-term cash flows and distributions.”
The property was purchased within the framework of a club deal on behalf of five institutional investors, namely Gothaer Asset Management AG, Versicherungskammer Bayern, the insurance group DEVK, one of Lufthansa’s pension fu
