CMS advises DIC Asset on acquisition of municipal building at Kleyerstraße 86 in Frankfurt

Frankfurt/Main – DIC Asset AG is acquiring the property located at Kleyerstraße 86 in Frankfurt am Main at the start of the new year in a share deal on behalf of several institutional investors. Shares in the property will be transferred together with three other buildings as a seed portfolio to a newly created open-ended special AIF with a target size of EUR 1.6 billion. The property is used by a department of the City of Frankfurt. Up to its acquisition by DIC Asset AG, the building was owned by a fund company operated by the Paribus Group. The parties agreed not to disclose the purchase price.

A CMS team headed by partners Philipp Schönnenbeck, Dr Daniel Voigt, Dr Thomas Link and Dr Markus Pfaff advised DIC Asset AG on all 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.

The Paribus Group initiates, designs and realises investments on behalf of private and institutional investors in the real estate, railway logistics and private equity asset classes. The total value of ongoing and completed investments under Paribus management amounts to around EUR 2.7 billion. The group is headquartered in Hamburg. Outside Germany, the Paribus Group has a subsidiary in the Netherlands.

CMS Germany

Philipp Schönnenbeck, Partner
Dr Christoph Grenz, Counsel
Tina Karakurt, Senior Associate, all Real Estate & Public
Dr Rajiv Chandna, Counsel, Public law
Dr Nora Zabel, Senior Associate, Corporate/M&A
Dr Thomas Link, Partner
Cornelia Wiendl, Counsel
Alla Stürmer, Senior Associate, all Tax
Dr Daniel Voigt, Partner
Dr Sebastian Sedlak, Counsel, both Fund supervision law
Dr Markus Pfaff, Partner
Charlotte Salathé, Senior Associate
Christopher Heckel, Associate, all Banking & Finance

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