Frankfurt/Main – DIC Asset AG has acquired the Stadthaus building in Cologne for around EUR 500 million via its subsidiary GEG German Estate Group AG, a company in its Institutional Business division. The property was acquired on behalf of five institutional investors through a club deal. The investors comprise Gothaer Asset Management AG, Versicherungskammer Bayern, insurer DEVK, a Lufthansa pension fund and Ärzteversorgung Land Brandenburg. The seller is Korean investor Mirae Asset Global Investments.
A CMS team headed by lead partner Heinrich Schirmer advised DIC Asset on all legal aspects of the acquisition.
The landmark Stadthaus building is located in the Deutz area of Cologne, close to the Lanxess Arena and ICE train station. It offers more than 100,000 square metres of lettable space and around 2,900 parking spaces. The property is fully let to the City of Cologne on a long-term lease. The office space is currently used by several departments of Cologne’s city administration.
DIC Asset AG, which is headquartered in Frankfurt am Main, is a leading listed German property company. With six offices covering all the key German markets, the company manages a total of 173 properties with a market value of around EUR 7.3 billion. The Institutional Business division, which trades under the name GEG German Estate Group, has assets under management of EUR 5.5 billion. DIC Asset generates income in this division through the structuring and management of investment vehicles with attractive distribution yields on behalf of international and national institutional investors. The Frankfurt-based property company has been listed on the SDAX since 2006.
CMS Germany
Heinrich Schirmer, Lead Partner
Tina Karakurt, Associate
Dr Franz Maurer, Associate, all Real Estate
Katharina Haidas, Counsel
Dr Rajiv Chandna, Counsel, both Public Law
Dr Daniel Voigt, Partner
Dr Sebastian Sedlak, Senior Associate, both Fund Regulation
Dr Thomas Link, Partner
Dr Cornelia Wiendl, Counsel, both Tax
Dr Markus Pfaff, Partner
Hatice Akyel, Associate, both Finance
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