DIC Asset: Completion of Bienenkorbhaus Building now on the Finishing Stretch
DIC Asset AG / Miscellaneous
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DIC Asset AG just completed the restoration and restructuring work on the historic Bienenkorbhaus building on Frankfurt’s boulevard Zeil on schedule. Meanwhile, 80 percent of altogether 10,500 sqm in commercial floor space (thereof 3,500 sqm retail and 7,000 sqm office space) have already been let and turned over to the new tenants. Main tenants with a 15-year lease each are Ludwig Görtz GmbH and Frankfurter Sparkasse. The most recent tenant is Procter & Gamble, having rented office space on two floors. Among the other residents of the complex is Deutsche Angestelltenkrankenkasse (DAK). The grand opening is scheduled for April 2009.
The total investment volume comes to EUR 75 million. DIC Asset AG acquired Bienenkorbhaus together with Morgan Stanley Real Estate Funds (MSREF) as part of the real estate portfolio of Frankfurter Sparkasse in late 2004. Originally negotiated up to the end of 2008, the underwriting banks extended the outside financing for the remaining portfolio in an amount of EUR 62 million through 2010. This helped to further push down the company’s – anyway low – refinancing rate. Aside from budget considerations, this lays a solid foundation for the unhurried completion and marketing the property.
Ulrich Höller, CEO of DIC Asset AG, had this to say: 'In spite of the difficult market environment, we managed to implement our restructuring and letting plans successfully and on schedule, and simultaneously to acquire first-rate tenants. The new Bienenkorbhaus will be a boon to downtown Frankfurt.'
About DIC Asset AG
Established in 2002, DIC Asset AG, with registered office in Frankfurt am Main (WKN 509840 /ISIN DE0005098404), is a real estate company that focuses exclusively on investing in German commercial real estate and maximising earnings from its investments. DIC Asset AG's real estate portfolio currently includes about 340 properties with a combined floor space of about 1.2 million sqm. The real estate portfolio is divided into three segments: The Core portfolio includes the proprietary portfolio held on a long-term basis and offering stable, attractive rental yields; the Value-Added portfolio contains real estate with promising performance potential over the medium term; while the Opportunistic Co-Investments portfolio is comprised of real estate investments that have a more pronounced risk/return profile, which are placed with third parties following a repositioning pursuant to customised business plans. Real estate assets under management currently amount to approx. EUR 3.5 billion. DIC Asset AG has been listed on the SDAX index since June 2006.
DIC in Frankfurt:
With activities nationwide, DIC specialises in the acquisition, development, and operation of commercial real estate. In Frankfurt, the company collaborated in several instances in the positive reshaping of the cityscape. The best known of these are the Grünhof building on Eschersheimer Landstrasse across from police headquarters, and the new seat of the municipal library next to Kleinmarkthalle. At present, DIC is helping to reorganise the former Degussa area under the name 'MainTor' in line with an urban development scheme that will open the estate toward adjacent downtown areas of Frankfurt and toward the river Main.
Grünhof · Eschersheimer Landstraße 223
60320 Frankfurt am Main
15.01.2009 Financial News transmitted by DGAP
Issuer: DIC Asset AG
Eschersheimer Landstr. 223
Phone: +49 69 9454858-0
Fax: +49 69 9454858-99
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hannover, Stuttgart, München, Hamburg, Düsseldorf
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