DIC Purchases German Retail Assets
DIC Asset AG has acquired two retail properties in Germany that are let to Galeria Kaufhof from a joint venture controlled by affiliates of AREA Property Partners and Rida Development Corp for €108 million. The properties are in city centre locations in Bremen and Chemnitz and total 49,000 square metres, with an annual rental income of approximately €7.3 million.
“This transaction marks the first of a series of steps for achieving growth. With this purchase, we are strengthening our FFO [funds from operations] with two fully leased properties with high quality, a secure long-term cashflow and an above-average rental yield,” comments Ulrich Höller, CEO of DIC Asset.