DIC Group sells Commercial Center “Grünhof" in Frankfurt to Bayerische Versicherungskammer

Following an anti-cyclical investment strategy, DIC had acquired the "Grünhof" immediately after its completion in early 2004 together with MSREF (Morgan Stanley Real Estate Funds) - each with a 50 per cent interest - as a vacant commercial center in mint condition. In the following years DIC had repositioned the commercial center with a new marketing concept. Today, the complex is leased at nearly 100 per cent. The DIC Group (including DIC Asset AG) has its head office there along with the German office for the headquarters of Nintendo Europe. Also located there are the German headquarters of the PA Consulting Group, the business consultants Grolman Result and the REWE store with a sales area of more than 4,000 sq.m, which was recently chosen as the best German supermarket by the German food journal "Lebensmittelzeitung".

DIC CEO Ulrich Höller: "We acquired this property unlet at a time when demand was low and we had difficult market conditions. The leasing results of the last years show that we succeeded in realising the buildings opportunities. What the transaction also shows is that attractively positioned property- also with larger transaction volumes - is still disposable even in the actual difficult market environment."