DENVER, April 27, 2015 (GLOBE NEWSWIRE) -- Dividend Capital Diversified Property Fund Inc. ("DPF"), a public reporting, daily NAV REIT (Nasdaq:ZDPFEX) (Nasdaq:ZDPFAX) (Nasdaq:ZDPFWX) (Nasdaq:ZDPFIX), announced that it acquired the City View Portfolio ("City View"), a collection of four multi-tenant office buildings in Austin, TX, for $68.75 million. DPF funded the acquisition through cash on hand and availability under its revolving credit facility.
City View is comprised of four adjacent Class A office buildings in the southwest submarket of Austin, TX. Three of the buildings were built in 1985 while the fourth building was completed in 1998. The buildings combine to approximately 274,000 net rentable square feet, and are 99% leased to 22 tenants.
"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.
Including this acquisition, DPF owns 20 office properties totaling approximately 4.3 million square feet.
About Dividend Capital Diversified Property Fund
Dividend Capital Diversified Property Fund is a public reporting, daily NAV vehicle based in Denver, CO that invests in a diversified portfolio of commercial real estate assets. DPF owned 57 properties totaling approximately 9.2 million square feet in 21 geographic markets as of March 12, 2015. More information is available at www.dividendcapitaldiversified.com.
This material may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect(s)," "could," "should," and "continue" and similar statements are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results that are materially different than those described in the forward-looking statements. Dividend Capital Diversified Property Fund cannot give assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Dividend Capital Diversified Property Fund's expectations include, but are not limited to, the uncertainty of funding Dividend Capital Diversified Property Fund's future capital needs, delays in the acquisition, development, and construction of real properties, changes in economic conditions generally and the real estate and securities markets specifically, and other risks detailed from time to time in Dividend Capital Diversified Property Fund's Securities and Exchange Commission reports, particularly the section entitled "Risk Factors" in Item 1A of the Company's Annual Report on Form 10-K. Such forward-looking statements pertain only as of the date of this press release. Dividend Capital Diversified Property Fund expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based.
CONTACT: Eric Paul Dividend Capital (303) 228-2200Source:Dividend Capital Diversified Property Fund