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

Press Release

DIC: Foundation Stone to be Laid for Opera Offices NEO in Hamburg

Frankfurt, 21.05.2015

• Mixed office-commercial building with 7 upper floors
• 8,500 sqm of lettable area
• Investment volume of c. 35 million euros
• 30 percent pre-let to IMMAC

Today, Frankfurt-based real estate investor Deutsche Immobilien Chancen (DIC) will lay the foundation stone for the property Opera Offices NEO on Grosse Theaterstrasse 31-35 in downtown Hamburg, just across from the opera house, in a festive ceremony attended by around 200 guests from the realms of politics, business and culture. The mixed office-commercial building with roughly 8,500 sqm in commercial floor area to be raised here is scheduled for completion by Q3 2016. Around 30 percent (5th to 7th floor) have already been pre-let to IMMAC Holding AG, an investment company domiciled in Hamburg. The investment volume will total approximately 35 million euros. DIC Asset AG has a 20 percent stake in the project development Opera Offices NEO. 

About Opera Offices NEO:
DIC acquired the property in 2006 – together with 50 other commercial properties – as part of a real estate portfolio (called “Primo 3”) from the City of Hamburg. The plot was formerly occupied by administrative buildings of Hamburg's state opera. In 2008/2009, planning was completed for two building complexes under the name “Opera Offices”. The first of these, Opera Offices Klassik (today: Schumacher Kontor) was completed in 2012 and sold to a Hamburg-based investor. In late 2014, construction work started on the Opera Offices NEO building.

The building was designed by the renowned architectural firm of Störmer Murphy and Partners which was previously commissioned to build the property Opera Offices Klassik. The building complex will have a spectacular sinuous architecture and a height of nearly 30 metres and include, in addition to the ground floor, a basement floor with 34 underground car park slots, and seven upper floors. A modern flagstone / aluminium façade will visually connect to the historic neighbourhood.

The plans calls for retail units and restaurants on the ground floor. The first and the seventh floor are topped by two large rooftop patios. The building is to be certified as green building according to the “Silver” standard of the DGNB German Sustainable Building Council.

Activities of DIC in Hamburg
Since 2007, DIC has maintained a footprint in Hamburg through a dedicated office of its asset and property manager DIC Onsite. The branch manages the property portfolio in the Northern Germany region (“Region Nord,” one of altogether six regional offices in Germany). Region Nord has a total of 33 property complexes with nearly 300,000 sqm in commercial floor area under management which yield a rental income of c. 27 million euros annually. The portfolio of Region Nord includes well-known properties such as Behördenzentrum Hamburg-Rothenburgsort, Hygieneinstitut Hamburg (Marckmannstrasse 129) or Elbspeicher (Grosse Elbstraße 39).

For more details on the Opera Offices NEO project, please go to the Internet at www.opera-offices.de.

About Deutsche Immobilien Chancen:
Deutsche Immobilien Chancen (DIC) with registered office in Frankfurt am Main was set up in 1998. Today, it is active across Germany and one of the country's leading investment entities for commercial real estate. The business model focuses on equity investments in the listed company DIC Asset AG (SDAX) and the public limited company GEG German Estate Group AG. In addition, DIC engages in joint venture investments in property developments such as the MainTor quarter in Frankfurt or the Opera Offices NEO in Hamburg. 

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