DIC Asset AG continued to see brisk and profitable growth during the first half-year of 2018. Compared to the prior-year period, the consolidated income rose by 20% during the first six months of the year, up from EUR 20.0 m to EUR 23.9 m. Stable revenues from operating activities and the generation of dividend income from the company’s strategic equity investment in TLG Immobilien AG increased the FFO by 7% to EUR 32.0 m over the prior-year result (H1 2017: EUR 29.8 m).
The company continued to expand its assets under management, which reached the threshold of EUR 5 bn by 30 June 2018 for the first time. The acquisition volume this year to date adds up to c. EUR 105 m and includes, inter alia, the successful acquisition of a property in Leverkusen for the Commercial Portfolio in the amount of c. EUR 52 m as well as two acquisitions for the investment fund “DIC OB IV” in Eschborn and Mannheim, respectively, for c. EUR 17 m each. Due to the well-filled pipeline, the next acquisitions for both business units are to be expected during the second half of the year. Sales from the Commercial Portfolio added up to c. EUR 49 m by 30 June 2018.
“The result of the first six months impressively illustrates the efficiency of our teams. The increase in the letting result of 60% and the corresponding significant reduction of the vacancy rate as well as the growth in like-for-like rental income, lead to a sustainable increase in the company value, through value uplift of the properties on the one side and the increase in management fees on the other side. Despite global economic threats, the German office rental markets and investment markets remain stable, making it safe for us to reaffirm all targets we defined for the 2018 financial year in our various business areas,” said Sonja Wärntges, CEO of DIC Asset AG.
