DGAP-News: DIC Asset AG / Key word(s): Real Estate
2016-11-29 / 07:30
DIC kicks off modernisation of Kaiserpassage arcade in Frankfurt
– Attractive upgrade for the sub-district’s amenities and quality of life
In December 2016, DIC Asset AG (WKN A1X3XX / ISIN DE000A1X3XX4) will launch its modernisation and restructuring measures in the Kaiserpassage shopping arcade in the Bahnhofsviertel neighbourhood of Frankfurt. The works are scheduled to be completed by spring 2018. In the course of the refurbishment, the Kaiserstrasse end and the Taunusstrasse end of Kaiserpassage will each get a new façade while the arcade itself will get a brighter light concept and a new structure. The idea is to create a single wide, bright shopping arcade connecting Kaiserstrasse and Taunusstrasse and replacing the current four-entrance arrangement. The restructured passage will create a welcoming and warm ambience, and thereby increase the foot traffic.
DIC signed up the full-line supplier “tegut…” as main tenant for the ground floor, which extends over roughly 1,600 square metres of retail area. The existing Mercure Hotel Kaiserhof will expand its hotel accommodation, and occupy around 4,700 square metres of floor space. Another attractive tenant that was secured is ipartment GmbH, a Cologne-based provider of short-term accommodation who will occupy 1,700 square metres on Taunusstrasse after the project’s completion and offer 71 furnished design apartments on the premises. Long-term leases were signed with tegut…, Mercure and ipartment.
Additionally, new leases were negotiated with seven existing tenants that nicely complement the new retail concept for the arcade and will help to ensure that its special flair is preserved. These include two food retailers, one clothing store, a fabrics and textiles retailer, a tailor, and a travel agency, among others. Even the Rote Treppe gallery of Oskar Mahler, which had the interim use of some of the floor space, will remain and move into new premises once the restructuring work is completed. Overall, 97 percent of the lettable area at Kaiserpassage is already let.
“Working on the modernisation concept for Kaiserpassage, our team of experts developed a convincing modern use concept that will visibly enhance the quality of life and generally help to boost the appeal and security of the Bahnhofsviertel quarter in Frankfurt. At the same time, we have made every effort to preserve the original individuality of Kaiserpassage as much as possible,” said Aydin Karaduman, CEO of DIC Asset AG.
Councillor Markus Frank, who heads the Department of Commerce, Sports, Security and Emergency Services, is delighted by DIC’s investment in the location: “We are pleased to see the quality of life in the Bahnhofsviertel quarter enhanced by the restructuring of Kaiserpassage, while the supermarket moving into Kaiserpassage will improve the non-discretionary retail situation. DIC has been highly cooperative during the meetings of the planning phase. Furthermore, the company has shown commitment to the neighbourhood as such, for instance by making the vacant premises available to local artists, and thereby brilliantly supporting our TAB-Taunusstrasse Arts & Bites project. We are also highly appreciative of the property owner’s efforts to preserve the special flair of Kaiserpassage by keeping loyal tenants aboard in the restructured Kaiserpassage. This is a sub-district that thrives on diversity, and retailers with a variety of cultural backgrounds constitute an important and defining component of our Bahnhofsviertel.”
Martina Becker, Head of Expansions at “tegut…,” had this to add: “We are proud to become the first full-line supplier to operate on Kaiserstrasse. With our regional range of goods and our product variety, we will serve the fast-growing shopper demand in the catchment area around the railway station.”
Backed by demonstrable expertise in the retail sector, DIC currently has over 320,000 square metres of retail area and roughly 290 retail tenants under management.
DIC Asset AG
DIC Asset AG
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|Company:||DIC Asset AG|
|Neue Mainzer Straße 20 * MainTor|
|60311 Frankfurt am Main|
|Phone:||+49 69 9454858-1221|
|Fax:||+49 69 9454858-9399|
|ISIN:||DE000A1X3XX4, DE000A1TNJ22, DE000A12T648|
|WKN:||A1X3XX, A1TNJ2, A12T64|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|