Daily NAV REIT Buys Office Portfolio in Austin, TX

Public reporting, daily NAV REIT Dividend Capital Diversified Property Fund Inc. (DPF) announced today that it acquired a portfolio of four multi-tenant office buildings for $68.75 million.

The property called the City View Portfolio (City View) is located in Austin, Texas and consists of four adjacent Class A office buildings with 274,000 net rentable square feet. Three of the buildings were built in 1985 and the fourth was constructed in 1998.

Currently, 22 tenants lease 99% of the available space.

“The acquisition of City View supports our stated investment strategy by adding a high-quality asset with a diverse tenant roster in a market that we believe has strong long-term fundamentals. Strategically, the acquisition adds to our presence in Austin, which we believe produces operational benefits for DPF,” commented Michael Lynch, President of Diversified Property Fund.

DPF funded the purchase with cash on hand and availability through its revolving credit facility.

The daily NAV REIT current owns 20 office properties with about 4.3 million square feet.

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