Germany-listed property company DIC Asset has increased its majority stake in the public limited company VIB Vermögen (VIB) to around 68% and has thereby further expanded its influence over the company.
DIC is pooling its entire logistics activities in VIB, which will act as logistics real estate arm of the DIC Asset Group (DIC Asset AG and its subsidiaries).
“It is an important step for the future of the DIC Asset Group. We will integrate VIB even more deeply in our company, and will clearly increase the tailwind for our commitment in this important asset class of logistics real estate. Especially in times like these, we are demonstrating through clear-cut strategic decisions that we are shaping the future and creating value for all of our stakeholders,” stated Sonja Wärntges, CEO of DIC Asset AG.
The background to the acquisition of additional shares is a capital increase against contribution in kind worth EUR 99 million by issuing 4,872,761 new no-par value shares, which was completed by resolution of the management board and supervisory board of VIB today.
”The funds from the capital increase will be used to acquire a logistics package worth c. EUR 99 million offered by the DIC Asset Group the package consisting of a logistics real estate portfolio worth c. EUR 56 million and of two property management companies worth c. EUR 43 million whose business is the management of logistics real estate on behalf of third parties,” said the company in a press release.
As it takes over the associated management contracts, VIB will operate on the basis of the same strong two-pillar model as DIC, acting as asset holder of real estate that it owns outright, on the one hand, and as asset manager of third-party real estate, on the other hand. This will give VIB access to the highly profitable market of logistics real estate management on behalf of third parties.
DIC is thereby pooling its logistics real estate activities under the umbrella of its subsidiary VIB as planned, and further strengthening its position as leading real estate platform with office and logistics focus within the German real estate market.