Listed German real estate investor DIC Asset has acquired Palais Kronberg, an office property in Kronberg im Taunus from Corestate Capital.
Financial details were not disclosed.
'The acquisition of Palais Kronberg continues the growth strategy we pursue for our proprietary real estate stock and thereby improves the key ratios of the commercial portfolio. Kronberg is an economically up-and-coming town, and has evolved into a sought office location,' said Sonja Wärntges, CEO of DIC Asset.
The modern office complex has a lettable area of 12,800 m2 and is fully occupied. The weighted average lease term (WALT) is 5.7 years.
Kronberg im Taunus has become an established office location in the Rhine-Metro region due to its direct proximity to Frankfurt am Main.
BNP Paribas brokered the deal.