DIC Asset to acquire GEG German Estate Group


DIC Asset is acquiring 75 % of shares in GEG German Estate Group from TTL Real Estate and the remaining 25 % from KKR Kohlberg Kravis Roberts. The total purchase price comes to €225mn and will be paid with existing cash. The fact that GEG and DIC are connected is not unknown: TTL Group was or is directly involved in both. GEG was founded in 2015 by the DIC or TTL Group and KKR. Currently, GEG manages €3.6bn worth of property; DIC Asset is already handling the property management for most of it. The merger will result in an asset manager with €7bn in AUM. Ulrich Höller, formerly DIC CEO and at present Chairman of the Supervisory board at GEG, will assist with the integration in the coming months before taking on the position of Managing Partner of ABG Group in early 2020. TTL and KKR were advised on the transaction by Rothschild & Co., DIC by Bankhaus Lampe, White & Case, Rödl & Partner, and PwC.

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