DIC Asset AG: Kaiserpassage after Refurbishment Back 'In the Middle of Things' - Reopening Officially in February 2019
DGAP-News: DIC Asset AG / Key word(s): Real Estate
DIC Asset AG: Kaiserpassage after Refurbishment Back "In the Middle of Things" - Reopening Officially in February 2019
Frankfurt am Main, 15 January 2019. DIC Asset AG, one of Germany's leading listed property companies, reported that the Kaiserpassage a shopping arcade in the Bahnhofsviertel sub-district in Frankfurt am Main will reopen for business in mid-February. Under the heading "Mitten im Leben" (which translates into "In the Middle of Things"), it was modernised in technical and functional terms and structurally altered over a two-year conversion and construction phase.
With the special character of the quarter around Kaiserstrasse duly taken into account, the arcade was re-created as a place whose broad-based retail line-up in an attractively designed ambience engages both residents and visitors of the Bahnhofsviertel area.
DIC Asset AG managed to integrate the quarter's diversity in the revamped Kaiserpassage. To some extent, the resident retailers, such as two textiles stores, one tailor, various food stores, one gallery and a travel agency, were supplemented with the addition of a grocery store, while the existing hotel was expanded and affordable modern short-stay apartments were added. This combination created a site that effectively appeals to residents of the quarter as much as to out-of-town visitors no matter whether they use the quarter as starting point for a brief tour of the city or whether they have come for an extended stay for professional or private reasons.
To this end, DIC Asset AG invested more than EUR 20 million and successfully negotiated long-term leases with both incumbent and incoming tenants. At the moment, the building is fully occupied.
"I am pleased to report that the alteration and construction work at Kaiserpassage is nearly completed and that it will officially reopen on 13 February. It was important to us as owner of this centrally located arcade to give it an attractive and welcoming design. We see it as a part of the effort to upgrade the Bahnhofsviertel quarter while preserving its special character," said Sonja Wärntges, CEO of DIC Asset AG.
For more details on DIC Asset AG, go to the internet at www.dic-asset.de.
About DIC Asset AG:
In its Commercial Portfolio division (EUR 1.6 billion in assets under management), DIC 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. The Funds division (EUR 1.9 billion in assets under management) generates its revenues by acting as issuer and manager of special real estate funds for institutional investors. Gathered in the business unit Other Investments (EUR 1.6 billion in assets under management) are strategic financial investments, the management of properties in which the company holds no equity stakes and equity investments in property developments. DIC Asset AG has been included in the SDAX(R) segment of the Frankfurt Stock Exchange since June 2006. The Company's shares are also included in the EPRA index, which tracks the performance of the most important European real estate companies. (as of: 30/09/2018)
|Company:||DIC Asset AG|
|Neue Mainzer Straße 20 * MainTor|
|60311 Frankfurt am Main|
|Phone:||+49 69 9454858-1462|
|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; Luxembourg Stock Exchange|
|End of News||DGAP News Service|