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DIC to Start Opera Offices Project in Hamburg

DIC Asset AG / Key word(s): Miscellaneous26.03.2012 / 07:59---------------------------------------------------------------------DIC to Start Opera Offices Project in Hamburg- Partial sale to German pension fund signed- Construction to start in spring 2012DIC Asset AG as a co-investor holds a 20 percent interest in the overallproject. Further information can be found in the announcement of DICDeutsche Immobilien Chancen:----------DIC to Start Opera Offices Project in Hamburg * Sale of first construction stage to German pension fund signed* Construction to start in spring 2012The Frankfurt-based DIC (Deutsche Immobilien Chancen) just sold the listed'Opera Offices Klassik' section of the 'Opera Offices' complex in Hamburgto a Northern German pension fund within the framework of a forward deal.The project volume of this preliminary sale accounts for around a third ofthe overall volume of the 'Opera Offices' complex, which has a totalinvestment volume of approximately 55 million Euros. Buyer and sellermutually agreed not to disclose the purchase price. The transaction wassupported by 'Grossman & Berger'. DIC Asset AG holds a 20-percent interestin the project.The listed building dating back to 1911 was designed by Hamburg's legendaryarchitect Fritz Schumacher (1869 - 1947). DIC will commence with theredevelopment work in spring 2012, the completion being slated for 2013.Following the handover of the building, the new owner will handle theletting of the property in his own right. The combination office andcommercial building with seven floors provides a gross lettable area ofabout 4,500 sqm. The visual appeal of Dammtorstrasse will be substantiallyenhanced, as the building will open itself to the future Opernboulevard.With this sale of the first construction stage in place, DIC is going aheadwith the realisation of its development measures for the Opera Officescomplex. In 2007, DIC had taken over the buildings complex from the City ofHamburg in conjunction with the acquisition of the so-called Primo 3portfolio. The overall project, which is situated in a downtown locationacross from the Staatsoper opera house, divides into two projects: 'OperaOffices Klassik' and 'Opera Offices Neo.' While the 'Opera Offices Klassik'project will be preserved in its basic structure, restored and modernised,the plans for the 'Opera Offices Neo' envision a new structure with around8,500 m² in commercial floor space according to architects design of'Murphy Störmer Architekten'. The necessary demolition and preparatoryconstruction work is also scheduled to start in spring 2012.About DICDIC (Deutsche Immobilien Chancen), active throughout Germany and based inFrankfurt, was founded in 1998 and, with its innovative investmentphilosophy and its focus on the German market, is one of the most prominentand successful firms in Germany specialising in commercial real estatetransactions. Its business activities include portfolio and assetmanagement, which are handled by its SDAX-listed company, DIC Asset AG, aswell as project development and joint venture investments. It currentlyholds approximately 40 per cent of DIC Asset AG. The real estate assetsmanaged by the DIC Group currently amount to around EUR 3.3 billion. Itsshareholders are investment companies, several insurance companies,international investors and family offices.End of Corporate News---------------------------------------------------------------------26.03.2012 Dissemination of a Corporate News, transmitted by DGAP - acompany of EquityStory AG.The issuer is solely responsible for the content of this announcement.DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at and    English                                                Company:     DIC Asset AG                                                        Eschersheimer Landstr. 223                                          60320 Frankfurt                                                     Germany                                                Phone:       +49 69 9454858-0                                       Fax:         +49 69 9454858-99                                      E-mail:                                      Internet:                                       ISIN:        DE0005098404                                           WKN:         509840                                                 Indices:     S-DAX                                                  Listed:      Regulierter Markt in Frankfurt (Prime Standard);                    Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,               München, Stuttgart                                       End of News    DGAP News-Service  ---------------------------------------------------------------------  162158 26.03.2012