RFR Holding Acquires German Property
DIC Asset AG has sold Bienenkorbhaus, located in Frankfurt, for €75 million to RFR Holding GmbH. The 11,000-square-metre, 12-storey mixed-use property is 95 percent leased.
“DIC will achieve a significant earnings contribution for 2012 through this sale and realise another major step toward a stronger equity position in the medium term by repaying the bank debt,” says Ulrich Höller, CEO of DIC Asset AG.
The sale will help DIC to roll back its debt ratio on a major scale and inversely to increase its equity ratio yet further. With the transfer of ownership scheduled for the end of 2012, approximately €50 million will be repaid to the underwriting bank.