CMS advises Berenberg again on structuring and implementing a scrip dividend offered by DIC Asset

Frankfurt/Main – For the second time in a row, SDAX-listed property company DIC Asset AG has given its shareholders the choice of receiving the dividend in cash or in the form of new shares in the company. A total of more than 35 million pro-rata dividend claims were exchanged for new shares in the company. This represented an acceptance rate of around 50% of the eligible shares, which is an increase over the previous year.

A CMS team headed by lead partner Dr Andreas Zanner advised the bank handling the transaction, Joh. Berenberg, Gossler & Co. KG, on all legal aspects of structuring and implementing the scrip dividend. The Hamburg-based bank has relied on the expertise of CMS lawyers on a regular basis for a number of years. CMS is regarded as a market leader in providing legal advice on scrip dividends and how to structure them.

DIC Asset AG describes itself as a leading listed German property company and specialises in commercial real estate. According to the company, issuing the scrip dividend resulted in a cash saving of around EUR 16 million, which is earmarked for investment in further growth. DIC Asset AG manages 178 properties with a market value of EUR 5.6 billion across all major German markets. With its hybrid business model, the firm focuses on three business divisions – Commercial Portfolio, Funds, and Other Investments – using its own integrated real estate management platform. The Frankfurt-based company has been listed on the SDAX since 2006 and is included in the international EPRA Index, which tracks the performance of the most important European real estate companies.

Headquartered in Hamburg, Joh. Berenberg, Gossler & Co. KG describes itself as a leading European private bank in the areas of Wealth Management, Asset Management, Investment Banking and Corporate Banking. The banking house is run by personally liable partners and also has a presence in Frankfurt, London and New York.

CMS Germany

Dr Andreas Zanner, Lead Partner
Dr Richard Mayer-Uellner, Partner, both Corporate/M&A
Patrick Damanik, Senior Associate, Banking & Finance

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