Frankfurt-based firm Deutsche Immobilien Chancen (DIC) has sold the “Grünhof” commercial centre in Frankfurt for around €47 million ($61 million). The buyer is German pension fund, Bayerische Versorgungskammer.
DIC, which manages an opportunity fund, acquired the Grünhof immediately after its completion in early 2004 together with Morgan Stanley Real Estate Funds. The pair owned the empty building 50,50 then set about finding tenants after repositioning it.
The DIC Group occupies the property as its head office. Other occupiers include Nintendo Europe, PA Consulting Group, and business consultants Grolman Result.
Ulrich Höller, chief executive of DIC, said in a statement: “We acquired this property unlet at a time when demand was low and we had difficult market conditions. The leasing results of the last years show that we succeeded in realising the buildings opportunities.”
Morgan Stanley formed a joint venture with DIC in 2004 to invest in Germany. A year later, The Wall Street firm acquired a 25 percent stake in the company.
DIC is structured into four parts: DIC Asset AG is responsible for portfolio and asset management, DIC Projektentwicklung GmbH is responsible for project development, the DIC Opportunity Fund is the investment vehicle, while DIC ONSITE is the operating property and asset management business.