Swiss Life acquires 15 retail properties in Germany
Swiss Life has acquired 100 percent of the shares in the open-ended special fund DIC HighStreet Balance. The fund holds 15 retail properties in German upper and middle-class centers.
DIC HighStreet Balance was launched by DIC Asset AG in 2012. The portfolio comprises 15 retail properties in Germany with around 85,000 sqm of rental space and an annual rent ofEUR 11.8 million (CHF 13.9 million). The fund invested in city center locations and pedestrian zones of upper and middle centers with high purchasing power in Germany, such as Wuppertal, Trier or Passau. DIC itself held an equity stake of five percent in the fund.
The properties changed hands as part of a share sale. "The sale of shares is not yet a common practice, but it is an interesting and innovative exit, not least from a cost perspective," says Sonja Wärntges, CEO of DIC Asset AG.
(Visited 48 times, 1 visits today)
