DIC Asset sells two properties for €108m

DIC Asset sells two properties for €108m

Germany listed property company DIC Asset AG announced the sale of two non-strategic properties in Berlin and in Düsseldorf to a different buyer, for EUR 108 million.

One of the sales involved a multi-tenant property on Landsberger Strasse in Berlin-Mahlsdorf, the other one a hotel property on Münsterstrasse in Düsseldorf. The transfer of rights, benefits and obligations is planned for mid to end of the fourth quarter 2020.

The combined sale price of the properties is around 20% above the last market values appraised, said the company in a statement. ”The sales profit from the two transactions approximates EUR 34 million, while the cash flow adds up to c. EUR 60 million (either figure before taxes).”