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

Press Release

DIC Asset AG: Vibrant Mix of Use Types Turns “Bochumer Fenster” into an attractive Inner City Property

Frankfurt, 30.07.2013

• Relaunch of former “Stadtbadgalerie” asset introduces a vibrant mix of use types including retail, gastronomy, office and higher education
• Long-term lease over 6,700 sqm signed with Ruhr University of Bochum
• “Bochumer Fenster” nears full occupancy

DIC Asset AG successfully completed the repositioning of the legacy building “Stadtbadgalerie” (located at Massenbergstrasse 9-13) in downtown Bochum. Renamed “Bochumer Fenster,” the property serves as a notable new highlight in the city’s urban development: The Ruhr University of Bochum complements the property’s mix of use types, adding campus facilities to the anyway rich blend of retail, gastronomy, and office units. With 98 percent of the floor area let to strong covenants, “Bochumer Fenster” is nearing full occupancy.

Ruhr University of Bochum rented around 6,700 sqm across five floors on a long-term lease of more than ten years that commences in October 2013. It includes a lease renewal for 1,100 sqm of office space in the building’s tower that was previously rented in 2010. The new lease, which comes with a rollover option, was brokered by Brockhoff & Partner (Essen).

“With its mix of retail, gastronomy, university, and office spaces, ‘Bochumer Fenster’ will stand for diversity, transparency, and open-mindedness. It symbolises the spirit that the students and other users will bring to the property and to the adjacent boulevards. This creates the basis for a high level of acceptance and lasting success,” said Andrea Neuhaus as she elaborated the new concept that was developed in close cooperation with the City of Bochum. Neuhaus heads the branch office of DIC Onsite, a DIC subsidiary that handles the property management of this asset.

Dr. Ernst Kratzsch, City Commissioner of Urban Development: “Repositioning the ‘Bochumer Fenster’ helps to implement the proposals made in the campus town masterplan. Letting space to Ruhr University of Bochum intensifies the networking between the campus and the inner city that we worked so long for. The high number of students will permanently revive the boulevard.”

Prof. Elmar Weiler, Rector of the Ruhr University of Bochum: “We are very delighted over this new teaching and research site of the Ruhr University in downtown Bochum. Along with other office locations it is an integral part of a masterplan to open up the campus toward the town centre.”

“Bochumer Fenster” with its modern and bright architecture represents an interesting property within walking distance of the central railway station in the heart of Bochum. The complex has a gross lettable area or around 23,700 sqm. Following the conversion, 7,200 sqm thereof are earmarked for retailing (previously 9,400 sqm) while the rest is used as office space, by the university, or for other purposes.

With more than 38,500 enrolled students, Ruhr University of Bochum is one of Germany’s ten largest universities. Around 1,500 law and psychology majors will start attending classes and lectures in the building as of the 2013/2014 winter semester. The Institute for Clinical Psychology and Psycho-Therapy will also relocate to the building. The university rents units in the basement and another four floors that will be used as offices, two auditoriums, class rooms, and a public cafeteria. The Tintenfass stationary shop, an incumbent tenant, will relocate to new premises within the building in order to expand.

Real estate investor DIC Asset AG acquired the building, which was raised in 2002, from Häusser-Bau GmbH in 2006. Given the fact that the indoor swimming pool had to shut down due to severe water damage in October 2012, and the historic vacancy of gym and retail units, DIC Asset AG developed a new use concept for the entire complex in collaboration with the city government and external experts, which is now being realised. The property will remain a multi-tenant property and feature attractive retail outlets – including Modepark Röther (fashion,) Tintenfass (stationary), TEDi (bargains) –, high-quality gastronomy (Mongo’s), and long-term office incumbents. The university broadens the building’s use spectrum, and surrounding locations stand to benefit from it.

DIC Asset AG has 62 properties and 514,000 sqm of commercial space under management in North Rhine-Westphalia, the state where Bochum is located.


 
About DIC Asset AG:
Established in 2002, DIC Asset AG, with registered offices in Frankfurt/Main, is a real estate company with a dedicated investment focus on commercial real estate in Germany, pursuing a return-oriented investment policy. Real estate assets under management currently amount to approx. EUR 3.4 billion, comprising around 260 properties. The Company's investment strategy is geared to the continued development of a high-quality, highly profitable and regionally diversified portfolio. The real estate portfolio is structured in two segments: the Commercial Portfolio (EUR 1.8 billion) comprises existing properties with long-term rental contracts generating attractive rental yields. The Co-Investments segment (pro-rata share of EUR 0.3 billion) comprises fund investments, joint-venture investments, and interests in development projects. DIC Asset AG provides a direct service to tenants through its own real estate management teams in six branch offices located at the regional hubs within the portfolio. This provides DIC Asset AG with an edge in terms of market presence and expertise, and builds the foundation for maintaining and increasing income and the value of its real estate assets. DIC Asset AG has been included in the SDAX® segment of the Frankfurt Stock Exchange since June 2006. The Company's shares are also included in the EPRA index, which tracks the performance of the most important European real estate companies.

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