Dividend Capital Diversified Property Fund (DPF), a direct commercial real estate program that offers pooled access to real estate investing with a daily net asset valuation, announced some of its recent investment activity.
The company revealed that it has sold 25 of its non-strategic properties as part of its portfolio management over the last 13 months. The properties sold for more than $560 million. In addition, DPF acquired 655 Montgomery, a property located in San Francisco, California. The 25-story Class-A, LEED Platinum office building was purchased for approximately $110 million.
Jeff Johnson, Chief Executive Officer of DPF, commented, “Being an active manager means that we seek to create shareholder value in all different real estate cycles. Over the past year, we successfully executed on a plan to sell certain non-strategic assets at very accretive prices, while at the same time we have been very selective in acquiring strategic assets at a fair price.”
President of DPF Michael Lynch added, “Every activity, every decision and each of our investments is conducted with a focus on increasing shareholder value. We continue to target geographically diverse, high-quality real estate that we believe will be accretive to the Company over the long-term.”
DPF is based in Denver, Colorado and currently owns 70 properties that total approximately 11.9 million square feet across 24 geographical markets. Its real estate assets are diversified across office buildings, industrial distribution facilities, retail centers, real estate debt investments, and other commercial real estate investments. Its maximum offering size is $2.25 billion.