Frankfurt – DIC Asset AG has sold a German office property portfolio to Cording Real Estate Group GmbH, which is acquiring it on behalf of institutional clients. The purchase price is around EUR 143 million. The portfolio comprises ten properties across eight German cities, offering a total of approximately 100,000 sq m of rental space. Cording Real Estate Group GmbH has purchased the portfolio on behalf of a joint venture established by Danish fund manager Sparinvest Property Investors and Esas Properties, which is part of Esas Holding of Turkiye. Cording will handle asset and property management of the properties going forward.
A CMS team headed by partners Johanna Hofmann and Heinrich Schirmer provided DIC Asset AG with legal advice on the transaction.
Based in Frankfurt/Main, DIC Asset AG is a real estate company with a dedicated investment focus on commercial real estate in Germany. It pursues a return-oriented investment policy and has around 200 property assets worth approximately EUR 3.5 billion under management. DIC Asset AG has been listed on the SDAX since June 2006 and is included in the international EPRA Index of major real estate companies in Europe.
CMS Hasche Sigle
Johanna Hofmann
Heinrich Schirmer, both Lead, both Partners
Tobias Rüb, Senior Associate
Samira Bouzakri, Associate, all Real Estate & Public
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