CMS advises DIC Asset on acquisition of LOOK21 building in Stuttgart

Frankfurt am Main – DIC Asset AG has acquired section B of the LOOK 21 property in the centre of Stuttgart for around EUR 122 million on behalf of a special AIF, with effect from the start of the new year. The property is let on a long-term lease to a tenant from the infrastructure sector. The seller is USWM-Immobilien GmbH, which is owned by the Baden-Württemberg Association of the Metal and Electrical Industry and the Southwest German Business Association.

A CMS team headed by partners Philipp Schönnenbeck, Dr Daniel Voigt, Dr Thomas Link and Dr Markus Pfaff advised DIC Asset AG on all legal aspects of purchasing and financing the property.

DIC Asset AG, which is headquartered in Frankfurt am Main, is a leading listed German property company. According to the company’s own figures, it manages 189 properties with a market value of around EUR 8.7 billion. DIC Asset AG acts as owner and property holder in its Commercial Portfolio division (assets under management: EUR 2.1 billion). The Institutional Business division, which trades under the name GEG German Estate Group, has EUR 6.6 billion in assets under management. DIC Asset AG generates income in this division through structuring and managing investment vehicles. The Frankfurt-based property company has been listed on the SDAX since 2006.

CMS Germany

Philipp Schönnenbeck, Partner
Dr Christoph Grenz, Counsel
Tina Karakurt, Senior Associate, all Real Estate
Dr Rajiv Chandna, Counsel, Public Law
Dr Thomas Link, Partner
Alla Stürmer, Senior Associate, both Tax
Dr Daniel Voigt, Partner
Dr Sebastian Sedlak, Counsel, both Fund Regulation
Dr Markus Pfaff, Partner 
Charlotte Salathé, Senior Associate
Christopher Heckel, Associate, all Banking & Finance

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