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DIC Asset raises €130m through private placement

German real estate investor DIC Asset has raised €130 million through the issue of a five-year corporate bond.

German real estate investor DIC Asset has raised €130 million through the issue of a five-year corporate bond.

The privately-placed bond carries a fixed coupon of 3.25 percent, priced at the lower end of the marketing range. The firm had targeted a volume of at least €100 million.

DIC Asset will use the new capital to repay its outstanding debt, it said, specifically its outstanding 5.75 percent €100 million bond, plus general corporate purposes.

The German property investor has already filed the listing application for the official listing on the Luxembourg Stock Exchange and the bond admission for trading.

The private placement was handled by the Bankhaus Lampe KG and Citi as joint lead managers.

“Following the successful refinancing of the commercial portfolio in late 2016, the refinancing of the 2018 bond marks the next step in our ongoing effort to optimise the capital structure of DIC,” said Sonja Wärntges, CFO of DIC Asset.

In May, the German investor said it started placing its fifth institutional real estate fund DIC Office Balance IV, having fully placed its DIC Office Balance III.

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