Javascript is disabled or not supported. Please enable JavaScript to display the website correctly.
If there are any problems, please contact us!

MainTor Quarter of DIC: Major letting contract of around 14,000 sqm to Union Investment

DIC Asset AG / Key word(s): Miscellaneous10.01.2012 / 08:03---------------------------------------------------------------------MainTor Quarter of DIC: Major letting contract of around 14,000 sqm toUnion Investment- Significant progress in letting and construction- Construction of MainTor Porta subproject to start in Q1 2012 DIC Asset AG as a co-investor holds a 40 percent interest in the overallproject. Further information can be found in the announcement of DICDeutsche Immobilien Chancen:----------------------------MainTor Quarter: major letting contract of around 14,000 sqm to UnionInvestment* Significant progress in letting and construction* Construction of MainTor Porta subproject to start in Q1 2012 DIC has let around 14,000 sqm (or roughly 70 percent of the entire lettablearea) of its MainTor Porta office complex at the future MainTor Quarter toUnion Asset Management Holding AG (hereinafter 'Union Investment'). Startof the lease term is spring 2014. The company thus closed the largest newletting contract of 2011 in downtown Frankfurt.Construction for the MainTor Porta subproject to start in Q1 2012Owing to this letting success, the preconditions for starting the secondsubproject of Frankfurt's MainTor Quarter are all in place: Constructionwork with a project volume of approximately 140 million Euros will alreadycommence in Q1 2012, and is scheduled to be completed in Q1 2014 after atwo-year construction period. Forming a new riverside financial district inFrankfurt's CBD, the MainTor Quarter is being developed as a series of fiveseparate subprojects of varying size to be realised successively butindependently of one another. In each case, the start of construction ispaced by the marketing progress of the respective subproject. The MainTorPorta office scheme is located in direct proximity of MainTor Primus, whoseconstruction is already under way - following a successful marketing drivein summer 2011. The well-respected architectural firm masterminding theevolving new estate is KSP Jürgen Engel Architekten.A sound financial-sector tenant with long-term orientation As asset manager of the cooperative finance group, Union Asset ManagementHolding AG counts among Germany's largest financial service providers. Thecompany just rented the entire plinth building of MainTor Porta, which alsoincludes the first seven of the upper floors of the integrated officetower. The letting contract also includes an option of prolongation.The letting effort was facilitated by BNP Paribas Real Estate and JonesLang LaSalle in brokering and consulting roles. The MainTorPorta-subproject will be financed by a consortium of banks led by DeutscheHypothekenbank ('Deutsche Hypo').Said Ulrich Höller, CEO of DIC: 'It is a pleasure to see the faith that thenew tenant has shown in our project and our professional management. Thismajor signing clearly showcases MainTor Quarter as an attractive futurecomponent of Frankfurt's financial district in riverside location. Theswift progress that the marketing of MainTor Quarter is making means thatwe are right on track with the project development, and this in currentlydifficult economic times.'About the MainTor Porta subproject:The MainPorta office building is situated in a prominent corner locationincluding a forecourt on Weissfrauenstrasse, and characterised by easytransportation access due to its proximity to the Hotel Frankfurter Hof andto the underground hub of Willy-Brandt-Platz. Standing 70 metres tall, thebuilding has a letting space of around 20,000 sqm in commercial space,spread across 19 floors. Distinguishing features of Porta include itsprestigious three-storey lobby, a landscaped and accessible innercourtyard, and several rooftop terraces commanding a spectacular view.Given its location and its design, MainTor Porta integrates seamlessly intoFrankfurt's CBD, which translates into short commutes and swiftcommunication with the financial district for the tenants in residence.Development of MainTor Quarter progresses according to planAs a reminder: As early as August of this year, the first constructionstage of MainTor Quarter commenced with the demolition work across theentire area following the sale of the MainTor Primus building complex tothe Frankfurt-based private investors Carlo Giersch in June. Next, work onthe Primus building, involving a new fit-out and design for the fullygutted core and shell, started in October 2011. The office scheme is slatedfor completion by mid-2013, and DIC itself will relocate its headquartershere. DIC Group holds a 60 percent interest in the overall project, theremaining 40 percent being owned by DIC Asset AG.About MainTor - the Riverside Financial District:The MainTor Quarter project of DIC Group is nothing less than the completeredevelopment of the area extending from Untermainkai toWeissfrauenstrasse. Formerly an enclosed compound, the estate is beingdeveloped not just by raising new structures, but by restoring it to thepublic realm and by firmly integrating into the surrounding city ward againthrough walkways and streets. Architectonically speaking, MainTor Quarterwill upgrade the riverbank facing Frankfurt's CBD into a riversidefinancial district and thereby complete it in urban development terms.MainTor Quarter is scheduled to be completed in its entirety by 2015.DIC - expertise for urban development in Frankfurt:Having played an active role in the development of Frankfurt's urbanarchitecture through any number of projects, DIC is a real estate investorwith long-term expertise on the city's real estate market. In 2004, forinstance, DIC acquired nearly five dozen branches of the FrankfurterSparkasse savings bank, and rededicated many of them for alternative use.DIC projects of recent years include such prestigious venues as themunicipal library, the Bienenkorbhaus edifice, the Nespresso building onGoethe-Strasse or the Grünhof complex.About DIC:DIC (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 opportunistic 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.For more details on DIC, please visit us on the Internet atwww.dic-ag.de/enEnd of Corporate News---------------------------------------------------------------------10.01.2012 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 www.dgap-medientreff.de and www.dgap.de---------------------------------------------------------------------Language:    English                                                Company:     DIC Asset AG                                                        Eschersheimer Landstr. 223                                          60320 Frankfurt                                                     Germany                                                Phone:       +49 69 9454858-0                                       Fax:         +49 69 9454858-99                                      E-mail:      info@dic-asset.de                                      Internet:    www.dic-asset.de                                       ISIN:        DE0005098404                                           WKN:         509840                                                 Listed:      Regulierter Markt in Frankfurt (Prime Standard);                    Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,               München, Stuttgart                                       End of News    DGAP News-Service  ---------------------------------------------------------------------  152100 10.01.2012