Diok acquires three offices in secondary German cities

Secondary-city specialist investor Diok RealEstate has purchased three office properties in Germany, bringing its portfolio to more than €150 mln assets under management.

 

Financial details were not disclosed.

The buildings are located in the cities of Cologne, Gelsenkirchen and Magdeburg. The assets in Cologne and Gelsenkirchen are let on long-term leases to a technology firm and a public sector organisation. The Magdeburg property is to undergo active asset management to tackle vacancy and attract occupiers.

Further acquisitions in the secondary-city sector with high-profile tenants are expected soon, the company announced.

Markus Drews, who is a board member at Diok, commented: ‘We are consistently implementing our growth strategy. The accelerated transaction frequency has made us more prominent in the public eye. The increased visibility has helped us both with acquisitions in secondary locations and with the awareness of us as a company or of our corporate bond on the capital market.

‘Our strategy of buying high-quality property on a scale of €5 mln to €25 mln in secondary locations has enabled us to build up a risk-diversified and high-yield portfolio that is both a robust basis for our note-holders and will be highly interesting for potential buyers.’

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