Commercial real estate company DIC Asset looks to buy Germany Estate Group

June 9, 2019
Share this Post: 

DIC Asset, a German-based property group specializing in commercial real estate, says it will buy Germany Estate Group (GEG) for 225 million euros in cash from TTL, a real estate investor, and KKR, a private equity firm.

GEG is an investment management platform specialized in commercial real estate properties that are placed with institutional investors. With 3.6 billion euros in assets under management, it owns landmark properties such as the Sapporobogen in Munich and the Garden Tower and Villa Kennedy in Frankfurt.

The deal will result in a significant increase in profitability per share, DIC Asset said, and raised its core profit (FFO) guidance for 2019 to 88-90 million euros from 70-72 million.

Following the deal, DIC Asset’s assets under management (AUM) in its institutional fund business will rise to more than 5 billion euros. That unit will in the future account for roughly half of the company’s profits.

Shares in TTL, whose subsidiary TTL Real Estate owns 75% in GEG, fell 6% on the news while DIC Asset shares were up 4%.

Read more here

Join us in Madrid, November 12-15 for the Global Online Marketplaces Summit.

Property Portal Watch Madrid Summit 2019

June 9, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Shutterstock 1932382865
$13 Billion Adevinta Takeover Deal To Go Ahead After 11th Hour Drama

The acquisition bid made by Aurelia Bidco for the Oslo-listed online marketplace operator Adevinta has finally reached the approval threshold...

Read More
Shutterstock 2245599643
Zillow Adds Individual Room Listings to Its Portal

The U.S. real estate portal Zillow has announced the addition of individual room for rent listings to its portal. The...

Read More
Blank 705 X 430 5
Immowelt's German Parent Company Rebranded to 'AVIV Germany'

The local parent company of the German real estate portal Immowelt has changed its name to 'AVIV Germany'. Immowelt is...

Read More
Untitled Design 15
REA Group Sees Strong Domestic Growth in HY1 Results

The Australian real estate marketplace operator REA Group has released its results for the first half of its 2024 financial...

Read More