Ashurst has advised the real estate company DIC Asset AG on the takeover of the majority in the UNITE portfolio and a combined capital increase. The portfolio comprises 54 office and commercial properties with an aggregate portfolio market value of approximately €481 million. The acquisition of the portfolio was conducted via a capital increase against contribution in kind of approximately 6.2 million shares and accompanied by a rights issue of approximately 16.7 million new shares against cash contributions.

The capital increase against cash contributions was carried out by way of a public offer in Germany and a private placement with institutional investors in Europe and the United States of America. Deutsche Immobilien Chancen Group as DIC Asset AG's largest shareholder had participated in the rights issue by way of an 'opération blanche'. The gross proceeds amount to approximately €100 million. Bankhaus Lampe KG and COMMERZBANK AG acted as Joint Bookrunners.

Ashurst advised with lawyers from Frankfurt, London and Washington DC, led by partner Matthias von Oppen. His team comprised counsel Peter Holst, the associates Julius Heusgen and Joanna Wilczynska-Gluch (all Corporate, Frankfurt) as well as further real estate, tax and finance lawyers who assisted on the legal due diligence. Partner Ray Fisher advised on aspects of US law, assisted by associate Jessie Heners (US securities law, London) and counsel Sharon Kim (US tax law, Washington DC).

DIC Asset AG is a real estate company with a dedicated investment focus on commercial real estate in Germany, pursuing a return-oriented investment policy. Real estate assets under management as of 30 September 2013 amounted to around €3.2 billion, comprising around 250 properties.