MainTor district: DIC markets the first construction stage and launches development

DIC Asset AG / Key word(s): Miscellaneous

28.06.2011 / 15:55

MainTor district: DIC markets the first construction stage and launches

* Primus office block already sold to private investor before construction
* First construction stage: 
o Demolition from August 2011 onwards
o Construction of Primus to start in autumn 2011
o New DIC headquarters

DIC has now sold the 'Primus' office complex in the future MainTor district
to the Frankfurt-based private investor and benefactor Professor Carlo
Giersch as part of a forward deal before construction work has even begun.
The DIC group is to create the new building by mid-2013. By then the
Company will house its Frankfurt headquarters in around 3,300 sqm of the
complex's office space. Discussions regarding the remaining rental space
are already underway with additional interested parties.

A successful marketing phase has laid the foundations for construction work
to begin on Frankfurt's MainTor district, which will be implemented in
several construction stages: construction stage one, which is to start at 1
August, in addition to demolition work includes in particular the
preparatory work on the entire site and the complete redesign of the Primus
complex, designed by architects KSP Jürgen Engel. The preparatory measures,
the demolition work and the work to prepare the site as a whole for the
subsequent construction stages will take around six months. At the same
time, the Primus building shell, which by then will have been completely
gutted, will be redeveloped - only its cubature will remain the same, and
it will be fully modernised with a new facade, new building services, etc.,
in accordance with the highest sustainability standards of the German
Sustainable Building Council (DGNB). The total investment volume of the
first construction stage (demolition, preparatory work and construction of
the Primus building) amounts to some EUR 50 million. The vendor and
purchaser have agreed not to disclose the purchase price paid for the
Primus building. The competent city authorities in Frankfurt have already
issued a demolition permit; the application to begin new construction work
has been submitted.

Professor Carlo Giersch: 'For many years now, our investment strategy has
focused exclusively on top-quality properties in first-rate locations. The
MainTor quarter is an outstanding development project in Frankfurt with
great potential for creating added value, particularly in view of the
Giersch Foundation's long-term strategy, and it is something which we are
taking the opportunity to secure at an early stage.'

Ulrich Höller, CEO of DIC: 'According to plan, the successful conclusion of
this first contract has launched the development of the MainTor quarter.
With our new headquarters we achieve a goal which has been planned for a
long time. In addition, this expresses a strong commitment for our

The Primus building is located at Neue Mainzer Strasse 20 and has good
transport links, being a stone's throw from the important junction of metro
lines at Willy-Brandt-Platz. The commercial rental space, which comes to
just under 5,550 sqm, is spread across the twelve floors of the
46-meter-high building. Primus features an arcade as well as a roof terrace
with a unique view of the old town and skyline. By mid-2013 DIC will have
built the new Primus so that it is ready for use.

The Frankfurt-based real estate investor DIC is a proven expert in the
architecture of the city, having been a participant in its development as
part of a wide range of projects. In 2004, for example, DIC purchased the
57 branches of the Frankfurt Sparkasse and introduced new regulations in
some cases. DIC's work in Frankfurt over the past few years includes
well-known projects such as the city library, the Bienenkorbhaus, Nespresso
in Goethe-Strasse, and the Grünhof.

About the MainTor - the Riverside Financial District:
With the 'MainTor District' project, the DIC Group is redesigning the area
between Untermainkai und Weissfrauenstrasse. As part of this process, the
site, which was previously enclosed, is not only being redeveloped but also
turned back into a public space, which will be integrated as a fixed part
of the surrounding city district with paths and roads. The Riverside
Financial District - the MainTor quarter will enhance the bank of the Main
in Frankfurt's banking quarter from both an architectural and an urban
planning perspective. The subsequent construction stages will be
implemented in line with the conclusion of forthcoming rental agreements.
The whole MainTor district is set to be completed by 2015. The cleared
building scheduled for demolition, which was home to part of Degussa's
headquarters for several decades, is hosting part of the anniversary
exhibition of Frankfurt's Museum of Modern Art (Museum für Moderne Kunst -
MMK) until mid-October.

About DIC
DIC (Deutsche Immobilien Chancen), active throughout Germany, was founded
in Frankfurt 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 opportunistic 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 3.2 billion. Its shareholders are
investment companies, several insurers, institutional investors and family

Further information about DIC is available on the Internet at

Contact Investor Relations & Corporate Communications:
Immo von Homeyer
Eschersheimer Landstraße 223
60320 Frankfurt am Main
Tel. +49 (0) 69  9 45 48 58-86
Fax +49 (0) 69  9 45 48 58-99

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                                      
ISIN:        DE0005098404                                           
WKN:         509840                                                 
Listed:      Regulierter Markt in Frankfurt (Prime Standard);       
             Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,  
             München, Stuttgart                                     
End of News    DGAP News-Service  
130005 28.06.2011