DLA Piper advises DIC Asset AG on acquisition of two major properties in Munich for about EUR635 million
DLA Piper has advised DIC Asset AG, one of Germany’s leading listed property companies, on the acquisition of two office properties within the framework of an off-market deal. The acquisition includes the “Uptown Munich” high-rise, a 37-storey office building with a lettable area of around 52,300 sqm, and the fully occupied multi-tenant office property “Campus C” with a lettable area of around 9,200 sqm.
The “Uptown Munich” office building is the tallest high-rise in Bavaria. It is also one of only six high-rises with a height above 100 meters in Munich and forms the centre of a well-established and sought-after office location. The representative “Campus C” property is defined by its high visibility and recognisability. The total investment costs (TIC) added up to c. EUR635 million. Both properties are fully let. The transfer of benefits and burdens for both of the properties is scheduled for the end of the second quarter of 2021. DIC Asset AG will seek speedy certification of the two properties as green building, implementing a key component of its future ESG strategy.
DIC Asset AG is a leading specialist for commercial real estate with more than 20 years of experience on the real estate market and access to a broad-based network of investors. The business is based on a regional and inter-regional real estate platform with eight offices on the ground in all major German markets. The company manages 231 assets with a combined market value of about EUR10.6 billion on site.
The DLA Piper team was led by partner Fabian Mühlen (Real Estate, Frankfurt) and included partners Dr Cornelius Frie (Corporate, Cologne), Dr Florian Biesalski (Real Estate), Dennis Kunschke (Finance), Dr Marie-Theres Rämer (Tax, all Frankfurt), Simon Vogel (Corporate, Munich), of counsel Martin Heinsius, counsel Dr Raimund Behnes (both Tax, Frankfurt), Dr Volker Lemmer (Lit&Reg, Cologne), senior associates Dr Eva Viktor (Corporate, Munich), Philipp Lorberg (Tax), Konstantin Decker-Horz (Real Estate, both Frankfurt), and associates Vanessa Brückner, Leonard von Bargen (both Cologne), Alexander Lamers and Julian Jung (all Real Estate, both Frankfurt).
A team from DLA Piper’s Luxembourg office also advised on the transaction.