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

Press Release

DIC: Halfway Point Reached for “MainTor” Project

Frankfurt, 08.05.2014

• Construction site ceremony for “MainTor Patio” and “MainTor Panorama”
• First construction stage “MainTor-Primus” now operational, home to the new DIC headquarters
• Around 90 percent of the office space under construction already pre-let
• Lord Mayor Feldmann: “An urban development milestone”

Half of the construction period scheduled for the MainTor Quartier has been successfully completed. In addition to being right on schedule, the principal, DIC, has already marketed nearly 90 percent of the office accommodation now under development. Today, the company honours the successful completion of the first half-time, specifically the progress of development at the “MainTor Patio” and “MainTor Panorama” complexes. Heading the 300 invited guests, Frankfurt's Lord Mayor Peter Feldmann commended the outcome of the first construction stage as a shining example for the dynamic development of the city: “The Main Tor compound is another milestone in the positive urban development of Frankfurt toward a riverfront way of life. The open-plan architectural style and the diversity of options, ranging from residential to commercial, will boost the ongoing vitalisation of the inner city.”

• Five of the altogether six construction stages are in the process of being realised, most of it already marketed.
• “MainTor Primus” is the first construction stage to have become operational: The first tenants have lately moved into the building, including DIC, which relocated its headquarters here.
• “MainTor Porta” will be completed by fall 2014, and be turned over to its buyer, Union Investment Real Estate, directly afterwards as planned.
• At the moment, the construction of the second floor is under way at both “MainTor Patio” and “MainTor Panorama.”
• The subterranean shell and core for the underground car park of “MainTor Palazzi,” whose condominium units have already been marketed to 92 percent, has progressed to an advanced stage, and will be completed over the next two months.
• Also under way is the marketing for the roughly 35,000 sqm of office space to be provided by the WINX office tower, which lies at the heart of the new compound, and which will feature gastronomy and retail units on the ground floor. Construction will start on short notice as soon as a the pre-marketing effort has achieved a critical mass. Realisation of the 110-metre-tall WINX tower will mark the culmination of the project.

Ulrich Höller, CEO of DIC: “The realisation of MainTor Quartier is making excellent progress. The high forward commitment rate and the sales of five out of six construction stages well before the end of the project life-cycle demonstrates the high level of acceptance for the project on the market.”

MainTor Quartier as a whole will deliver around 90,000 sqm of new rental and common space, with the lettable areas breaking down into around 74,000 sqm of commercial space and around 16,000 sqm of residential space. The project volume approximates 750 million euros.


About MainTor – the Riverside Financial District

The MainTor Quarter project of Deutsche Immobilien Chancen 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. Architectonically speaking, MainTor Quarter will upgrade this bank of the Main, which faces 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 Quartier” complex is scheduled to be operational by 2016. 

Chronology – The Key Miles Stones and Marketing Steps

• 2005: DIC acquires the former Degussa compound
• 2007: The master plan for the “MainTor Quartier” is created (by the architectural firm of KSP Jürgen Engel)
• Dez-09: Architectural competition for the design of the central high-rises WINX (Jürgen Engel) and Panorama (Prof. Christoph Mäckler) concluded
• 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 draws more than 100,000 visitors
• June 2011: “MainTor Primus” building complex sold to Professor Carlo Giersch.
• 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 (forward deal)
• 29 August 2012: Foundation stone laid for “MainTor Porta”
• December 2012: Marketing kicked off for the condominiums at “MainTor Palazzi”
• January 2013
  • Major letting contract for 9,000 sqm at “MainTor Panorama” signed with CMS Hasche Sigle
  • Major letting contract for 8,000 sqm at “MainTor Porta” signed with Union Investment
• December 2013: MainTor Porta sold to a fund managed by Union Investment Real Estate for approx. EUR 155 million
• January 2014: Marketing for the WINX Tower including portal building kicked off
• April 2014: DIC relocated its headquarters into the "MainTor Primus" complex

Architects:

• KSP Jürgen Engel Architekten (“Primus,” “Porta,” “Patio,” “WinX”)
• Prof. Dr. Christoph Mäckler (“Panorama”)
• Jo. Franzke Architekten (“Palazzi”)
• B&V Braun Canton Volleth Architekten GmbH (“Palazzi”)

About DIC
DIC (Deutsche Immobilien Chancen), active throughout Germany and based in Frankfurt, was founded in 1998 and, with its 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 developments and joint venture investments. It currently holds approximately 33 per cent of DIC Asset AG. The real estate investments managed by the DIC Group currently amount to approximately EUR 3.8 billion. Its shareholders are investment companies, several insurance companies, international investors and family offices.
For more details about the MainTor project and DIC on the Internet, please go to www.maintor-frankfurt.de or www.maintor-living.de or www.winxtower.com, respectively.

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