DIC to Start Opera Offices Project in Hamburg

DIC Asset AG / Key word(s): Miscellaneous

26.03.2012 / 07:59


DIC to Start Opera Offices Project in Hamburg

- Partial sale to German pension fund signed
- Construction to start in spring 2012

DIC Asset AG as a co-investor holds a 20 percent interest in the overall
project. Further information can be found in the announcement of DIC
Deutsche Immobilien Chancen:


DIC to Start Opera Offices Project in Hamburg 

* Sale of first construction stage to German pension fund signed
* Construction to start in spring 2012

The Frankfurt-based DIC (Deutsche Immobilien Chancen) just sold the listed
'Opera Offices Klassik' section of the 'Opera Offices' complex in Hamburg
to a Northern German pension fund within the framework of a forward deal.
The project volume of this preliminary sale accounts for around a 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 'Grossman & Berger'. DIC Asset AG holds a 20-percent interest
in the project.

The listed building dating back to 1911 was designed by Hamburg's legendary
architect Fritz Schumacher (1869 - 1947). DIC will commence with the
redevelopment work in spring 2012, the completion being slated for 2013.
Following the handover of the building, the new owner will handle the
letting of the property in his own right. The combination office and
commercial building with seven floors provides a gross lettable area of
about 4,500 sqm. The visual appeal of Dammtorstrasse will be substantially
enhanced, as the building will open itself to the future Opernboulevard.

With this sale of the first construction stage in place, DIC is going ahead
with the realisation of its development measures for the Opera Offices
complex. In 2007, DIC had taken over the buildings complex from the City of
Hamburg in conjunction with the acquisition of the so-called Primo 3
portfolio. The overall project, which is situated in a downtown location
across from the Staatsoper opera house, divides into two projects: 'Opera
Offices Klassik' and 'Opera Offices Neo.' While the 'Opera Offices Klassik'
project will be preserved in its basic structure, restored and modernised,
the plans for the 'Opera Offices Neo' envision a new structure with around
8,500 m² in commercial floor space according to architects design of
'Murphy Störmer Architekten'. The necessary demolition and preparatory
construction work is also scheduled to start in spring 2012.

About DIC
DIC (Deutsche Immobilien Chancen), active throughout Germany and based in
Frankfurt, was founded in 1998 and, with its innovative 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 development and joint venture investments. It currently
holds approximately 40 per cent of DIC Asset AG. The real estate assets
managed by the DIC Group currently amount to around EUR 3.3 billion. Its
shareholders are investment companies, several insurance companies,
international investors and family offices.

End of Corporate News


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Language:    English                                                
Company:     DIC Asset AG                                           
             Eschersheimer Landstr. 223                             
             60320 Frankfurt                                        
Phone:       +49 69 9454858-0                                       
Fax:         +49 69 9454858-99                                      
E-mail:      info@dic-asset.de                                      
Internet:    www.dic-asset.de                                       
ISIN:        DE0005098404                                           
WKN:         509840                                                 
Indices:     S-DAX                                                  
Listed:      Regulierter Markt in Frankfurt (Prime Standard);       
             Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,  
             München, Stuttgart                                     
End of News    DGAP News-Service  
162158 26.03.2012