The DIC Group is one of the leading investors in the German market for commercial real estate

Press Release

DIC acquires shoe retailer Görtz as main tenant for new Bienenkorbhaus complex in Frankfurt

Frankfurt, 11.05.2006

DIC Asset AG has acquired Ludwig Görtz GmbH as the main tenant for the Bienenkorbhaus, a landmark building in Frankfurt's Zeil shopping street, close to the Konstablerwache. Headquartered in Hamburg, Görtz is one of Germany's leading shoe-shop chains, with 240 branches in 90 cities throughout Germany, and enjoys an excellent reputation. Görtz is renting an area of around 2,400 sqm in the Bienenkorbhaus on a long term basis and will be opening a flagship store selling shoes and accessories on three floors in early 2008. Central Frankfurt is already home to one Görtz flagship store in the Biebergasse and a Görtz 17-Store for the younger market in the Schillerstraße. With the new store, Görtz intends to consolidate its leading position in the Frankfurt market.

DIC Asset AG bought the Bienenkorbhaus at the end of 2004 jointly with MSREF as part of the Frankfurt Sparkasse real estate portfolio. Now, in close cooperation with the planning and building supervisory authorities in Frankfurt, DIC is redefining the property's market position through the refurbishment of the high-rise building, a historical landmark, and the incorporation of a new modern annex. Görtz will be occupying the major part of the new annex, which is to be located to the west of the existing building and will match the height of the neighbouring Peek&Cloppenburg store. Renovation of the facade and a comprehensive restructuring of the entire ground floor and shop space will create an attractive retail area.

DIC will be equipping the building with an efficient, contemporary infrastructure and adapting its exterior appearance to fulfil the demands of architectural aesthetics whilst retaining or restoring the typical stylistic features of the Fifties building. The building project makes a significant contribution to increasing the attractiveness of the Konstablerwache square and making it a more integral part of the centre of Frankfurt.

As a first step, DIC has instructed the architectural firm of KSP Engel und Zimmermann with designing draft plans for the project. Building is planned to commence in Spring 2007 and is expected to take approximately one year.


About Ludwig Görtz GmbH
Ludwig Görtz GmbH is one of Germany's leading shoe retailers and is notable for its clear target group focus and specialised retail outlets reflecting this. Founded in 1875 in Hamburg, Görtz now has over 3000 employees and is headed by Christoph von Guionneau, Rainer Worbs and the Görtz brothers, Ludwig and Friedrich.

About DIC Asset AG
Established in Frankfurt in 2002, DIC Asset AG is a real estate company investing exclusively in commercial properties in Germany on the principle of a yield-led investment strategy. DIC Asset AG's property portfolio currently comprises a total of just under 270,000 sq m floor space in 127 properties. The real estate portfolio is split into three segments: the Core Portfolio contains the longer-term asset holdings with stable, attractive rental yields; the Value-added Portfolio comprises properties with interesting potential for value gains with a medium-term investment horizon; Opportunistic Co-investments is the portfolio in which property investments with a higher risk/return profile are held, where tailor-made business plans can enable the properties to be repositioned in the market and subsequently re-sold. The real estate holdings under management currently amount to some EUR 780 million. The properties include eBay's German headquarters, the head office of Pfleiderer AG, the property portfolio of Frankfurter Sparkasse and a participation in a diversified portfolio of German properties acquired from MEAG at the end of 2005 jointly with Morgan Stanley Real Estate Funds (MSREF).

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