DIC Asset AG: Another two major letting contracts for 17,000 sqm at MainTor Quarter
DIC Asset AG / Key word(s): Miscellaneous
Dear Madam, Dear Sir,
DIC: Another two major letting contracts for 17,000 sqm at MainTor Quarter
- CMS Hasche Sigle rents 'MainTor Panorama':
- Union Investment expands contract, renting the entire 'MainTor Porta'
At the turn of the year, DIC achieved another two significant marketing successes in its development of the MainTor Quarter in Frankfurt's financial district:
- The renowned international legal and business consulting firm CMS Hasche Sigle has rented more than 9,000 sqm in the 'MainTor Panorama' office building (which represents around 70 per cent of the rental space there) and will vacate its current premises in Frankfurt's Westend district (Barckhausstrasse 12-16) by mid-2015.
- Union Asset Management Holding AG (Union Investment) has rented another 8,000 sqm at 'MainTor Porta' and will thus occupy the entire lettable area in this office property. A year ago, the company already signed a rental agreement for nearly 14,000 sqm in the building.
The major letting contracts with CMS Hasche Sigle and Union Investment ensure that another important prerequisite for a profitable realisation of the two construction stages 'Panorama' and 'Porta' is in place. Accordingly, the development of the city quarter ('MainTor - The Riverside Financial District') is progressing at a brisk pace: Around 60 per cent of the project volume are already in the realisation stage, well ahead of schedule. The SDAX-listed company DIC Asset AG acts as co-investor and holds a 40 per cent interest in the development of the quarter.
Ulrich Höller, CEO of DIC: 'These major letting contracts once more underline the fact that the MainTor Quarter has already made a name for itself as superior location and first-rate product in Frankfurt's banking district.'
Construction of the 'MainTor Panorama' sub-project to start during the first half of 2013
Construction work on 'MainTor Panorama' with a project volume of approximately EUR 110 million will commence during the first half of 2013; the property will be completed by DIC and ready for occupation by mid-2015. As early as August 2012, DIC sold the property to an institutional fund belonging to the Ärzteversorgung Westfalen-Lippe (ÄVWL) pension fund which is managed by IVG Institutional Funds. The architectural design was created by the renowned firm of Prof. Christoph Mäckler Architekten.
The 'MainTor Porta' building is owned by DIC. The building, which has a project volume of approximately EUR 140 million, and which was designed by the firm of KSP Jürgen Engel Architekten, has been under construction since last year and is scheduled for completion in spring 2014.
Prominent premium tenants with long-term horizon
The international full-service law firm CMS Hasche Sigle is one of Germany's largest and leading business consultancy law firms with a workforce of currently 120 employees at its Frankfurt office. Starting with the ground floor, the company will rent the lower ten office floors of 'MainTor Panorama' for a term of around twelve years. The agreed rent rate falls within the bracket of the usual office rents for prime properties and locations in Frankfurt's financial district. The letting contract includes a renewal option.
Union Asset Management Holding AG, the asset manager of the Union Investment cooperative financial group, counts among Germany's biggest financial service providers. The company will rent the entire 'MainTor Porta' for ten years, and around 900 workplaces will be provided by 2014. The letting contract includes a renewal option.
The letting contracts were brokered and facilitated by BNP Paribas Real Estate ('MainTor Panorama') and BNP Paribas Real Estate and Jones Lang LaSalle ('MainTor Porta'), respectively.
About the 'MainTor Panorama' sub-project
The 'MainTor Panorama' office building occupies a unique waterfront location directly on the bank of the Main River. Tenants from the financial sector benefit from the proximity of the banking district. A total office and commercial letting space of around 13,500 sqm are spread across 17 floors in this building of 64 m, with the top seven floors currently still to let. Distinguishing features of 'MainTor Panorama' include a two-storey arcade, an expansive two-storey lobby, and several rooftop terraces commanding breathtaking views. Given its location and design, the building integrates seamlessly in Frankfurt's financial district. Together with the building of Nürnberger Versicherung (formerly Nationale Suisse), 'MainTor Panorama' will conspicuously present itself as the gateway to the financial district. It is intended to seek a DGNB Gold certification for the property.
About the 'MainTor Porta' sub-project
The 'MainTor Porta' office building is situated in a prominent corner location including a forecourt facing Weissfrauenstrasse, and thus in a conveniently accessed location close to the Hotel Frankfurter Hof and near the metro hub Willy-Brandt-Platz. Standing 70 m tall, the building provides around 20,500 sqm of office and commercial letting space that is spread across 19 floors, plus another 1,000 sqm of basement storage space and 225 slots in an underground car park. 'Porta' features a highly presentable three-floor lobby, a landscaped and accessible inner courtyard as well as several rooftop terrace commanding breathtaking views. It is intended to seek a DGNB Gold certification for the property.
About MainTor - the Riverside Financial District
The MainTor Quarter project of DIC Group is nothing less than a complete redevelopment of the area extending from Untermainkai to Weissfrauenstrasse. In the process of redeveloping the formerly enclosed brownfield compound of Degussa, the area is being restored to public use, with historic access ways from the inner city to the Main riverbank revitalised and firmly integrated into the lanes and streets of the surrounding city quarter. The construction is realised in several spatially and temporally distinct building projects, thereby ensuring the necessary flexibility to accommodate the specific requirements of each user and investor group. Architecturally speaking, MainTor Quarter will upgrade the riverbank facing Frankfurt's CBD into a riverside financial district and thereby complete it in urban development terms. The successive construction stages will be realised incrementally in sync with the upcoming lettings and sales. The entire MainTor Quarter is scheduled to be operational by 2015/2016.
Time line: the key milestones and marketing steps
- 2005: DIC acquires the former Degussa compound
- 2007: The master plan for the MainTor Quarter is created (by the architectural firm of KSP Jürgen Engel)
- December 2009: Architectural competition for the design of the central high-rises 'WinX' (Engel) and 'Panorama' (Prof. Mäckler) concluded
- 2010: Effective local development plan is finalised
- January 2011: Evonik (formerly Degussa) moves out
- June - October 2011: Anniversary show of the MMK Museum of Modern Art in Frankfurt with more than 100,000 visitors
- June 2011: 'MainTor Primus' building complex sold to Professor Carlo Giersch. 'Primus' will become the future headquarters of DIC Group.
- August 2011: Demolition work started
- November 2011: Construction work started on 'MainTor Primus'
- January 2012: Major letting contract over 14,000 sqm at 'MainTor Porta' is signed with Union Investment
- July 2012: 'MainTor Panorama' and 'MainTor Patio' sold to the Ärzteversorgng Westfalen-Lippe pension fund for EUR 150 million (forward deal)
- 29 August 2012: Foundation stone laid for 'MainTor Porta'
- December 2012: Marketing kicked off for the condominiums at 'MainTor Palazzi'
- January 2013
- Major letting contract for 9,000 sqm at 'MainTor Panorama' signed with CMS Hasche Sigle
- Major letting contract for 8,000 sqm at 'MainTor Porta' is signed with Union Investment
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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|Company:||DIC Asset AG|
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|Phone:||+49 69 9454858-0|
|Fax:||+49 69 9454858-99|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart|
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