Ashurst advised DIC Asset AG ("DIC") on the acquisition of Magazinhof in Kassel from Würzburg-based Beethovengruppe. The property, whose total investment costs amount to €65m, was acquired for an infrastructure real estate special fund.
The conveniently located property Magazinhof at Leuschnerstrasse in Kassel with around 15,000 sqm lettable area is fully let to blue-chip public-sector tenants on long-term leases, including the State Construction and Real Estate Agency of Hesse.
Besides Magazinhof, DIC acquired another two properties for existing special funds managed by its subsidiary GEG as part of the third-party business for institutional investors, namely Wacker Hof in Düsseldorf and Galilei in Mannheim. The total investment costs for the three properties added up to €179m.
The Ashurst team was led by partner Dr Liane Muschter. She was assisted by senior associate Sven Nickel, associate Florian Wörner as well as transaction lawyers Isabella Strauß and Ingrid Schmidtgal (all Real Estate). Partner Dr Anders Kraft and associate Steffen Bellmann advised on tax law. Senior associate Ilka Breuer provided advice on investment law (all Frankfurt).
Ashurst already acted for DIC several times. The real estate team led by Dr Liane Muschter advised DIC, inter alia, on the sale of two office properties in Duisburg as well as on the acquisition of Wilhelminenhaus in Darmstadt for a new special AIF of DIC.
DIC Asset AG maintains a regional footprint on all major German markets through seven branch offices, and has 189 assets with a combined market value of around €8.7bn under management.
