CMS advised DIC Asset AG on all legal aspects of purchasing and financing the property.
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.
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 CMS team included Philipp Schönnenbeck (Picture), 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 and Christopher Heckel, Associate, all Banking & Finance.
Involved fees earner: Alla Stürmer – CMS DeBacker; Rajiv Chandna – CMS Hasche Sigle; Christoph Grenz – CMS Hasche Sigle; Christopher Heckel – CMS Hasche Sigle; Tina Karakurt – CMS Hasche Sigle; Thomas Link – CMS Hasche Sigle; Markus Pfaff – CMS Hasche Sigle; Charlotte Salathé – CMS Hasche Sigle; Philipp Schönnenbeck – CMS Hasche Sigle; Sebastian Sedlak – CMS Hasche Sigle; Daniel Voigt – CMS Hasche Sigle;
Clients: DIC Asset AG;