German listed office investor DIC Asset has acquired an office property at Frankfurt Airport from an unnamed vendor for EUR 22 mln. The deal was signed in December 2011.

The recently completed property has a lettable area of around 11,500 m2 and an average lease term of seven years. It will generate EUR 1.6 mln in annual rental income, reflecting a net initial yield of 7.2%.

In 2011, DIC Asset carried out EUR 300 mln of real estate acquisitions, the upper end of its EUR 200-300 mln target for the year.

Disposals carried out last year totalled EUR 72 mln compared to EUR 132 mln in 2010. DIC Asset said it expected to make fewer disposals in 2012.

DIC Assets' portfolio grew by EUR 200 mln last year after acquisitions and disposals, and now totals EUR 2.2 bn.