Mayer Brown advised DIC AG on the deal.
DIC AG (ISIN: DE000A1X3XX4), one of Germany’s leading listed property companies, executed the acquisition of the Mercedes-Benz-Center in Cologne-West for its balance sheet portfolio.
The benefits and liabilities s of the property were transferred as part of the deal. The total investment costs (TIC) for the property, which meets high-end architectural and quality standards, was approximately EUR 71 million.
The building, which occupies. 34,600 sqm, is located in the technology park in Cologne’s Müngersdorf district and is fully occupied by the Daimler AG. The property is the site of Daimler AG’s prestigious product showroom, which also provides a range of other services for the entire Rhineland region.
The hybrid-use building of four above-ground and two basement levels was constructed for Daimler AG in 2006. It features state-of-the-art exhibition space, office units, conference rooms and gastronomy units as well as workshops. In addition, it provides over 400 parking spots. The lease will expire at the end of 2025 (in 4.7 years) and has two renewal options of 5 years each. The gross rental yield relative to the purchase price before expenses exceeds 7 percent.
The Mayer Brown’s team advising DIC Asset was led by Real Estate partner Dr. Fabian Hartwich (Picture; Frankfurt) and included: Corporate & Securities partner Carsten Flaßhoff and counsel Dr. Jan Streer (both Düsseldorf), Real Estate counsel Dr. Philipp Schaefer and Andreas Hilfrich, and associate Hannah Bommes (all Frankfurt).
Involved fees earner: Hannah Bommes – Mayer Brown; Carsten Flaßhoff – Mayer Brown; Fabian Hartwich – Mayer Brown; Andreas Hilfrich – Mayer Brown; Philipp Schaefer – Mayer Brown; Jan Streer – Mayer Brown;
Law Firms: Mayer Brown;
Clients: DIC Asset AG;