News Detail - DIC Assets

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.

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Language: English Company: DIC Asset AG Eschersheimer Landstr. 223 60320 Frankfurt Germany Phone: +49 69 9454858-0 Fax: +49 69 9454858-99 E-mail: Internet: ISIN: DE0005098404 WKN: 509840 Indices: S-DAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart  
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