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

Press Release

DIC Sells “Opera Offices Neo” Development before Construction Start

Frankfurt, 01.09.2014

DIC just sold the “Opera Offices Neo” office and commercial center within the framework of a forward deal to a company from the financial sector. The project volume of this preliminary sale accounts for around two third of the overall volume of the “Opera Offices” complex, which has a total investment volume of approximately 55 million Euros. Buyer and seller mutually agreed not to disclose the purchase price. The transaction was supported by JLL. DIC Asset AG holds a 20-percent interest in the project.

Representing the second stage of the “Opera Offices” ensemble in Hamburg’s city centre, the building will deliver 8,200 sqm in lettable area. Construction is scheduled to start in the short term in fall 2014, the completion being planned as of mid-2016. In addition to the realisation of the building, DIC also remains responsible for letting the building.

Once again, DIC has managed to sell a project development prior to the start of construction. Previously, the first construction stage of the “Opera Offices” project was sold to a northern German pension fund in 2012, before it underwent extensive structural redevelopment and remodelling, which has been completed in summer 2013. In conjunction with the “MainTor Quarter” project in Frankfurt, another five properties were sold through forward deals during the last years.

DIC acquired the properties and real estate objects for the  “Opera Offices” building complex in 2007. The overall project, which is situated in a downtown location on Dammtorstrasse and Grosser Theaterstrasse, divides into two construction stages: While the listed building “Opera Offices Klassik” was restored and modernised in its basic structure, “Opera Offices Neo” will be a new building planned by the architectural firm “Störmer Murphy and Partners.”

The modern eight-storey building with its clear façade will blend harmoniously with the historic cityscape. Around 1,000 sqm of storefront area for retail or gastronomy use are planned on the ground floor, whereas the six upper floors will deliver around 1,100 sqm of lettable area each, and the loft floor with 500 sqm of office space includes a spacious rooftop patio. Future occupiers can take advantage of flexible floor plans, low energy costs, and a modern fit-out. The integrated underground car park will have around 35 parking spaces. It is intended to seek a DGNB “Silver” green building certification for the property.

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 information about the “Opera Offices” project, please go to www.opera-offices.de.

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