DIC Asset acquires office property in Bonn for €95.2m

DIC Asset acquires office property in Bonn for €95.2m

DIC Asset AG has purchased the Bonnanova office property in Bonn for €95.2 million for its open-ended special fund GEG Public Infrastructure II.

The company said this brings the notarised acquisitions volume for both segments of DIC since the start of the year up to c. €1 billion.

The office property, situated in a prime spot of the federal district in Bonn (Godesberger Allee 83-91), is well established as an office location, and offers a lettable area of around 18,600 sqm with high alternative use potential.

The property is let in its entirety to the public sector (via the BImA Institute for Federal Real Estate). The weighted average lease term (WALT) is around 9.5 years at the moment. Completed in 1992, the property is being extensively modernised for the tenant at the moment.

“With the Bonnanova asset, we acquired yet another high-end property for our investment fund GEG Public Infrastructure II, whose distinguishing feature is the long-term secured cash flow of a public tenant. The modernization currently underway also increases the attractiveness and value of the property. Our acquisitions since the start of the year now add up to more than EUR 1 billion, and thereby show that we are right on track to achieve our annual targets,” commented Sonja Wärntges, CEO of DIC.