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

Press Release

MainTor Palazzi: DIC Launches Marketing Drive for Final Condo Lot

Frankfurt, 06.05.2013

• More than 50 percent of the “Palazzi” condominiums sold
• Planning permission for “MainTor Palazzi” issued

DIC's MainTor development is making speedier progress than expected: The company is about to kick off the marketing drive of the third and final lot of condominiums at the MainTor project, these being the ones in the “Lido” building. After just a few months, marketing of the roughly 90 condominiums of the “MainTor Palazzi” building with an aggregate residential floor area of around 10,000 sqm has progressed far beyond the 50-percent mark.

The first two housing complexes, “Riva” and “Puro”, are now largely sold. Altogether, nearly 50 condominiums have been sold since sales started in early December 2012. Moreover, the City of Frankfurt just issued the planning permit for the construction of the MainTor “Palazzi” building.

While 70 percent of the buyers hail from Frankfurt and surrounding areas, another 25 percent come from elsewhere in Germany, and 5 percent from abroad. A first estimate suggests that around 60% of the buyers are owner-occupiers and around 40% of them private investors who intend to let the apartments they acquire.

The total number of apartments to be raised at the MainTor estate is close to 180. Construction of an additional 90 apartments will coincide with the construction of the “Palazzi” apartments at the “MainTor Patio” complex.

As a reminder:
MainTor Palazzi is poised to become Frankfurt's latest and most centrally located residential quarter. There are three main features that make the location of these apartments unique:

• Nearly all apartments overlook the Main River (“waterfront living”)
• This residential location is as central as it could possibly be: Frankfurt's central railway station and all other means of public transportation are within walking distance, as are the Zeil high-street retail location and the city’s key cultural institutions
• The development of this new quarter in Frankfurt will ensure the creation of an attractive infrastructure, and thus invest the quarter with an urban flair from the start.

The 90 condominiums are spread across the three double buildings called “Lido,” “Puro,” and “Riva,” each of which has 6 to 8 floors. The smallest apartment has a floor area of 40 sqm, while the largest, a 5-bedroom penthouse, has more than 260 sqm. There are also several split-level apartments as well as generously laid-out rooftop patios and a 3-storey underground car park with around 140 parking spaces. The apartments will feature high-quality fit-outs, with buyers given the choice to realise bespoke interior fit-out options.

The architectural firms Jo Franzke and B&V Braun/Canton/Volleth have been commissioned to handle the project planning. Construction is to start before the end of the summer 2013, with the apartments scheduled to be completed in the second half of 2015.

The condominium sales are exclusively handled by the company's Frankfurt-based sales partner Ballwanz Immobilien.


Time Line

• 2005: DIC acquires the former Degussa compound
• 2007: The master plan for the MainTor Quarter is created (by the architectural firm of KSP Jürgen Engel)
• September through December 2009: Architects for designing the high-rises identified, with designs chosen for MainTor towers WinX (Engel) and Panorama (Mäckler)
• 2010: Effective local development plan is finalised
• January 2011: Evonik (formerly Degussa) moves out
• June - October 2011: Anniversary show of the MMK Museum of Modern Art in Frankfurt with more than 100,000 visitors
• June 2011: “MainTor Primus” building complex sold to Professor Carlo Giersch. “Primus” will become the future headquarters of DIC Group.
• August 2011: Demolition work started
• January 2012: Major letting contract over 14,000 sqm at “MainTor Porta” is signed with Union Investment
• July 2012: “MainTor Panorama” and “MainTor Patio” sold to the Ärzteversorgung Westfalen-Lippe pension fund for EUR 150 million (forward deal)
• December 2012: Marketing starts for around 90 condominiums at “Palazzi” complex.
• April 2013: More than 50 percent of the “Palazzi” condominiums sold.

About MainTor – the Riverside Financial District
The MainTor Quarter project of DIC Group is nothing less than a complete redevelopment of the area extending from Untermainkai to Weissfrauenstrasse. In the process of redeveloping the formerly enclosed brownfield compound of Degussa, the area is being restored to public use, with historic access ways from the inner city to the Main riverbank revitalised and firmly integrated into the lanes and streets of the surrounding city quarter. The construction is realised in several spatially and temporally distinct building projects, thereby ensuring the necessary flexibility to accommodate the specific requirements of each user and investor group. Architecturally speaking, MainTor Quarter will upgrade the riverbank facing Frankfurt's CBD into a riverside financial district and thereby complete it in urban development terms. The successive construction stages will be realised incrementally in sync with the upcoming lettings and sales. The entire MainTor Quarter is scheduled to be operational by 2016.

For more information about the MainTor project, please go to www.maintor-frankfurt.de.

About DIC
DIC (Deutsche Immobilien Chancen), active throughout Germany and based in Frankfurt, was founded 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 specialising in commercial real estate transactions. Its business activities include portfolio and asset management, which are handled by its SDAX-listed company, DIC Asset AG, as well as project development and joint venture investments. It currently holds approximately 35 per cent of DIC Asset AG. The real estate assets managed by the DIC Group currently amount to around EUR 3.4 billion. Its shareholders are investment companies, several insurance companies, international investors and family offices.

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