MainTor Quarter of DIC: Major letting contract of around 14,000 sqm to Union Investment
DIC Asset AG / Key word(s): Miscellaneous
10.01.2012 / 08:03
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MainTor Quarter of DIC: Major letting contract of around 14,000 sqm to
Union Investment
- Significant progress in letting and construction
- Construction of MainTor Porta subproject to start in Q1 2012
DIC Asset AG as a co-investor holds a 40 percent interest in the overall
project. Further information can be found in the announcement of DIC
Deutsche Immobilien Chancen:
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MainTor Quarter: major letting contract of around 14,000 sqm to Union
Investment
* Significant progress in letting and construction
* Construction of MainTor Porta subproject to start in Q1 2012
DIC has let around 14,000 sqm (or roughly 70 percent of the entire lettable
area) of its MainTor Porta office complex at the future MainTor Quarter to
Union Asset Management Holding AG (hereinafter 'Union Investment'). Start
of the lease term is spring 2014. The company thus closed the largest new
letting contract of 2011 in downtown Frankfurt.
Construction for the MainTor Porta subproject to start in Q1 2012
Owing to this letting success, the preconditions for starting the second
subproject of Frankfurt's MainTor Quarter are all in place: Construction
work with a project volume of approximately 140 million Euros will already
commence in Q1 2012, and is scheduled to be completed in Q1 2014 after a
two-year construction period. Forming a new riverside financial district in
Frankfurt's CBD, the MainTor Quarter is being developed as a series of five
separate subprojects of varying size to be realised successively but
independently of one another. In each case, the start of construction is
paced by the marketing progress of the respective subproject. The MainTor
Porta office scheme is located in direct proximity of MainTor Primus, whose
construction is already under way - following a successful marketing drive
in summer 2011. The well-respected architectural firm masterminding the
evolving new estate is KSP Jürgen Engel Architekten.
A sound financial-sector tenant with long-term orientation
As asset manager of the cooperative finance group, Union Asset Management
Holding AG counts among Germany's largest financial service providers. The
company just rented the entire plinth building of MainTor Porta, which also
includes the first seven of the upper floors of the integrated office
tower. The letting contract also includes an option of prolongation.
The letting effort was facilitated by BNP Paribas Real Estate and Jones
Lang LaSalle in brokering and consulting roles. The MainTor
Porta-subproject will be financed by a consortium of banks led by Deutsche
Hypothekenbank ('Deutsche Hypo').
Said Ulrich Höller, CEO of DIC: 'It is a pleasure to see the faith that the
new tenant has shown in our project and our professional management. This
major signing clearly showcases MainTor Quarter as an attractive future
component of Frankfurt's financial district in riverside location. The
swift progress that the marketing of MainTor Quarter is making means that
we are right on track with the project development, and this in currently
difficult economic times.'
About the MainTor Porta subproject:
The MainPorta office building is situated in a prominent corner location
including a forecourt on Weissfrauenstrasse, and characterised by easy
transportation access due to its proximity to the Hotel Frankfurter Hof and
to the underground hub of Willy-Brandt-Platz. Standing 70 metres tall, the
building has a letting space of around 20,000 sqm in commercial space,
spread across 19 floors. Distinguishing features of Porta include its
prestigious three-storey lobby, a landscaped and accessible inner
courtyard, and several rooftop terraces commanding a spectacular view.
Given its location and its design, MainTor Porta integrates seamlessly into
Frankfurt's CBD, which translates into short commutes and swift
communication with the financial district for the tenants in residence.
Development of MainTor Quarter progresses according to plan
As a reminder: As early as August of this year, the first construction
stage of MainTor Quarter commenced with the demolition work across the
entire area following the sale of the MainTor Primus building complex to
the Frankfurt-based private investors Carlo Giersch in June. Next, work on
the Primus building, involving a new fit-out and design for the fully
gutted core and shell, started in October 2011. The office scheme is slated
for completion by mid-2013, and DIC itself will relocate its headquarters
here. DIC Group holds a 60 percent interest in the overall project, the
remaining 40 percent being owned by DIC Asset AG.
About MainTor - the Riverside Financial District:
The MainTor Quarter project of DIC Group is nothing less than the complete
redevelopment of the area extending from Untermainkai to
Weissfrauenstrasse. Formerly an enclosed compound, the estate is being
developed not just by raising new structures, but by restoring it to the
public realm and by firmly integrating into the surrounding city ward again
through walkways and streets. Architectonically speaking, MainTor Quarter
will upgrade the riverbank facing Frankfurt's CBD into a riverside
financial district and thereby complete it in urban development terms.
MainTor Quarter is scheduled to be completed in its entirety by 2015.
DIC - expertise for urban development in Frankfurt:
Having played an active role in the development of Frankfurt's urban
architecture through any number of projects, DIC is a real estate investor
with long-term expertise on the city's real estate market. In 2004, for
instance, DIC acquired nearly five dozen branches of the Frankfurter
Sparkasse savings bank, and rededicated many of them for alternative use.
DIC projects of recent years include such prestigious venues as the
municipal library, the Bienenkorbhaus edifice, the Nespresso building on
Goethe-Strasse or the Grünhof complex.
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 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 3.3 billion. Its
shareholders are investment companies, several insurance companies,
international investors and family offices.
For more details on DIC, please visit us on the Internet at
www.dic-ag.de/en
End of Corporate News
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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: info@dic-asset.de
Internet: www.dic-asset.de
ISIN: DE0005098404
WKN: 509840
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
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