CMS advises Berenberg on first-time offer of scrip dividend by DIC Asset AG

Frankfurt/Main – SDAX-listed property company DIC Asset AG has offered a dividend distribution in equity form for the first time. Its shareholders exercised this right to acquire more than 30 million shares, representing an acceptance rate of around 44% of the eligible shares. A total of 1,948,501 new shares were issued.

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 offer. CMS has advised the Hamburg-based bank on several occasions in the past and has likewise previously advised DIC Asset AG. CMS is a market leader in providing legal advice on scrip dividends and structuring such dividends.

DIC Asset AG is a leading listed German property company specialising in commercial real estate. According to the company, issuing the new shares means that EUR 19 million is available in cash for supporting further growth and developing the business model. DIC Asset AG manages 180 properties with a market value of EUR 4.4 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 of major real estate companies in Europe.

CMS Germany

Dr Andreas Zanner, Lead Partner
Dr Richard Mayer-Uellner, Partner
Matthias Engelen, Associate, all Corporate
Patrick Damanik, Senior Associate, Banking & Finance

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