Successful Lettings: DIC Asset AG Re-Lets Bremen’s Former Kaufhof Department Store of about 26,000 sqm
DGAP-News: DIC Asset AG / Key word(s): Real Estate
Frankfurt am Main, 3 November 2020. DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany’s leading listed property companies, achieved again full occupancy to its property on Papenstrasse in the inner city of Bremen after signing new lease agreements. In July, the previous anchor tenant, Karstadt-Kaufhof, had decided within the framework of restructuring activities to suspend its operation at the site by the end of October 2020.
Having lost no time to work out a re-letting concept, DIC Asset AG managed to find a way to preserve and re-develop a popular shopping destination in Bremen’s high-street pitch for the benefit of local residents. Lease agreements were signed with three major and several other tenants. DIC Asset AG thus demonstrated its ability to act swiftly, competently and creatively as it creates the decisive impulses for the development and value-preservation of its properties and their urban environment.
Consumer electronics retailer Saturn and grocery retailer EDEKA, previously subtenants of Karstadt-Kaufhof on a combined lettable area of around 10,200 sqm, just signed lease agreements directly with DIC Asset AG. At the same time, a lease agreement for the vacated premises of around 15,500 sqm was signed with the Opti-Wohnwelt furniture store as new tenant for a term of at least five years plus a renewal option. The rent level of the new multi-tenant constellation is at a comparable level to the previous letting.
The multiple-award-winning Opti-Wohnwelt furniture company, which has its principal place of business in northern Bavaria and a workforce of around 1,040 employees, will open its 18th German branch in Bremen and thereby continue its expansion trajectory in northern Germany. At its new location, Opti-Wohnwelt will implement an innovative city concept with a wide product spectrum including delivery and assembly services. Opti-Wohnwelt is currently considering a possible takeover of some of the Kaufhof staff.
The tenant fit-out will start in November, the objective being to go live no later than August 2021. A sum total of c. EUR 3.5 million will be invested during the structural alterations phase. The light installation that extends through an atrium from the basement up to the fourth floor-known locally as the “tree of lights”-will be preserved. To ensure that the footfall at the site is maintained, a comprehensive marketing concept for the centrally located property in Bremen is under development.
“We acted quickly, reliably and creatively to expedite and implement the repositioning of the former Kaufhof property. We demonstrated our ability to translate our maxim ‘dynamic performance’ into successful results on a daily basis. We are very glad that it helped us convince Opti-Wohnwelt, Saturn and EDEKA and win them over as tenants. We developed, together with them, a concept for the property that contributes to the vitality of Bremen’s town centre and helps to secure a broad-based retail offer even and especially in these challenging times. At the same time, we are glad that many jobs in the local retail sector will be preserved at this site,” commented Sonja Wärntges, CEO of DIC Asset AG.
About DIC Asset AG:
With more than 20 years of experience on the German real estate market, the company maintains a regional footprint on all major German markets through six branch offices, and has 189 assets with a combined market value of c. EUR 8.7 billion under management.
Taking an active asset management approach, DIC Asset AG employs its proprietary, integrated real estate management platform to raise capital appreciation potential company-wide and to boost its revenues.
In its Commercial Portfolio division (EUR 2.1 billion in assets under management), DIC Asset AG acts as proprietor and property asset holder, and thus generates revenues both from the management of the assets and through the value optimisation of its own real estate portfolio.
In its Institutional Business division (EUR 6.6 billion in assets under management), which operates under the name GEG German Estate Group, DIC Asset AG generates income by structuring and managing investment vehicles with attractive dividend yields for national and international institutional investors.
DIC Asset AG has been SDAX-listed since June 2006.
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03.11.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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