DIC Asset has confirmed the acquisition of three fully let commercial properties in German for EUR 78 mln. The Listed investor in German real estate partly funded the acquisitions with funds raised this year through a capital increase and a bond issue.

The assets were sold by international investors in two transactions.

In the first transaction, DIC Asset acquired the retail property Marktforum in Duisburg's district Rheinhausen. The investment volume of EUR 16 mln reflects a net initial yield of 8%. Supermarket chain Edeka is the main tenant, with a 12-year lease on 10,000 m2.

The second transaction involves two core office properties offering rental space of 40,000 m2 for EUR 62 million in Karlsruhe and Leipzig. With an average term of around eight years the properties are let on a long-term basis to several major international insurance and service companies.

DIC's spezial fund, DIC Office Balance I, holds a 20% stake in the properties. The planned distribution yield from the two properties is in the spezial target range of 6%.

The transactions were brokered by Jones Lang LaSalle (Duisburg property), WhiteWater (Karlsruhe property) and BNP Paribas Real Estate (Leipzig property).

Established in 2002, DIC Asset has EUR 3.2 bn of commercial properties assets under management.