DIC Asset AG lets 11,000 sqm of Logistics Space at Property Development

Source: www.gulfoilandgas.com 9/29/2021, Location: Europe

• More than 60% of the floor area pre-let
• Long-term lease over five years signed with Butlers
• Development scheduled to be completed by May 2022
• Pinpoint development to boost intrinsic value of the portfolio

DIC Asset AG, one of Germany's leading listed property companies, just reported the successful letting of a 11,000-sqm unit, which equals two thirds of the total floor area, at its logistics property development in Dormagen ten months ahead of its completion. The development is underway next to the standing logistics centre of 39,300 sqm at Sachtlebenstrasse 1 in Dormagen, which is held in the portfolio of the open-ended real estate special AIF, "RLI Logistics Fund - Germany II." DIC is expanding the site by adding two self-sufficient logistics warehouses with a combined floor area of about 18,000 sqm.

"We already saw the opportunity and value-add potential for our investors when we acquired the logistics centre. We are now acting on our plan and expanding our logistics portfolio via this property development in a keenly sought-after location. Our success in pre-letting a major share of the new unit to a prestigious company confirms our assessment regarding the attractiveness of the location and the quality of the development," commented Sonja Wärntges, CEO of DIC Asset AG.

The first tenant of a sub-area of the newly created multi-user units is Butlers, a manager-owned retail company based in Cologne. Well ahead of the property's completion in May 2022, the lease agreement was signed for a five-year term. Known across Europe as a home-furnishing and interior decorating brand, Butlers will use the new location as head office for its growing online business in Europe. Another 7,000 sqm of logistics space will become available for potential occupiers in June 2022.

Wilhelm Josten, the Managing Director of Butlers, expressed his contentment over the collaboration with DIC: "We were looking for a large space whose potential would complement the growth trajectory of our company. In DIC Asset, we found a partner whose creativity, speed and quality were just what we needed."

The site is conveniently accessible from local junctions on the A46 and A57 motorways. The metro regions of Düsseldorf and Cologne are within easy reach, as is the entire Ruhr.

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