DIC Asset AG has acquired the Cologne headquarters of German food retailer REWE Group for its own portfolio for €23m, an 8% yield.
The property has been earmarked for DIC Asset’s Commercial Portfolio.
The building, at Stolberger Strasse 76/78, has been bought from an international investor through a share transfer. It has around 24,000 m2 of lettable space on seven floors and is fully let for 10 years.
The asset was built in 1994 and extensively modernised in 2008 and 2011.
The acquisition follows DIC’s purchase last week of the Looper office property in Duisburg for €27m and brings DIC’s acquisition volume in 2012 up to €135m.
These latest acquisitions are expected to make an annual contribution to FFO of more than €1.6m.
