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

Press Release

DIC: Modernization of the main post office in Erfurt has begun

Frankfurt, 30.05.2006

The Frankfurt-based property investment company DIC (Deutsche Immobilien Chancen) has begun the project to reposition and modernize the main post office in Erfurt.  As a result, attractive offices and commercial premises are being created on a 7,000 qm site in the centre of Erfurt.  In addition to a branch of the post office as well as administrative and telecommunication areas for the Telekom, a range of renowned names and brands from the retail trade will operate outlets on the ground and first floors of the building. Long-term leases have already been signed with the leading German shoe retailer, Görtz, the Danish textile company, Bestseller, (with such renowned labels as Verro Moda and Jack & Jones) as well as with the jeans label G-Star (represented by the franchisee, the Retail BZ GmbH). Negotiations are continuing with other interested parties for the still available commercial floor space at the main post office. Construction will take about a year, so that the first lessees should be able to move in during the first quarter of 2007. The prime contractor for the conversion is Bilfinger Berger AG.

The listed historic main post office in Erfurt from 1895 with its outstanding inner-city location Am Anger was purchased from the Deutsche Post by DIC in December 2004, the planning phase was initiated and the building permit was obtained in the spring of this year. The amount invested will be around 40 million euro.

Ulrich Höller, Board Chairman of DIC: “With this new concept for the main post office, an attractive and very modern shopping mall is being created in the inner-city of Erfurt for the citizens of this town. Saving the historically valuable and listed building, combined with the new shopping facilities will increase the attraction for visitors to the town. We are aware of our responsibility for carefully handling this important, historic building.”

From the Hochtief group, DIC soon has acquired the property „F1 Forum am Anger“ in Erfurt, where the cinema complex „Cinestar“ is located. DIC will use its excellent expertise to improve the object’s quality.

About DIC
DIC (Deutsche Immobilien Chancen) was founded in Frankfurt in 1998 and, with its innovative investment philosophy and its focus on the German market, is one of the most prominent and successful firms in Germany specializing in commercial real estate transactions. Its business activities include portfolio and asset management, which are handled by its prime standard listed company, DIC Asset AG, project development and opportunistic investments. The real estate assets managed by the DIC real estate group currently amount to over EUR 1.2 billion. Its shareholders are investment companies, institutional investors (such as Morgan Stanley) and private investors with a family background in industry.

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