Frankfurt/Main – SDAX-listed real estate company DIC Asset AG has for the first time re-sold a fund under its management by selling units to Swiss Life Deutschland. The parties agreed not to disclose details of the transaction value.

A CMS team headed by lead partner Heinrich Schirmer advised DIC Asset AG on all aspects of negotiating the purchase and transfer agreement and the special investment law aspects of selling the fund units.

The onward placement of an entire portfolio through selling units is unusual and innovative. The advice provided by CMS covered mainly real estate, investment and tax law aspects.

The portfolio held by the open-ended institutional fund DIC HighStreet Balance comprises 15 retail properties in Germany with a total of around 85,000 square metres of rental space and annual rent of some EUR 11.8 million.

DIC Asset AG is a leading listed German property company specialising in commercial real estate. The firm manages 180 properties with a market value of EUR 4.4 billion across all major German markets. With its hybrid business model, DIC Asset AG focuses on three business divisions – Commercial Portfolio, Funds, and Other Investments – using its own integrated real estate management platform. The Frankfurt-based company has been listed on the SDAX since 2006 and is included in the international EPRA Index of major real estate companies in Europe.

CMS Germany

Heinrich Schirmer, Lead Partner
Sandra Scheib, Associate, both Real Estate & Public
Dr Daniel Voigt, Partner
Dr Katharina Kneisel, Counsel, both Investment Law
Dr Tillman Kempf, Partner
Julius Hirtz, Counsel, both Investment Tax Law