DIC sells 14% TLG stake for €376m

Frankfurt-listed firm DIC Asset has inked a deal to sell a 14% share in Germany's TLG Immobilien to Israel's Ouram Holding and private real estate investor Bedrock Group for €376 mln.

The German investor said that the price agreed for the shares was higher than the current stock exchange value.

Ouram, a company owned by Israeli property investor Amir Dayan, has acquired a 6% stake, while Bedrock picks up 8%.

DIC increased its own position in the business before inking the sale, the profits from which go directly to its own balance sheet.

Closing of the transactions is expected to take place at the end of the first quarter, or the beginning of the second quarter 2019 at the latest.

Earlier this year, Ouram secured a 22.5% stake in TLG after adding 23 million shares to its initial holding of 4.5%.


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