The DIC Group is one of the leading investors in the German market for commercial real estate

Press Release

A new home for Frankfurt City Library

Frankfurt, 22.12.2005

From mid-2007 onwards, the Frankfurt City Library will have its main branch in premises on the corner of Hasengasse and Töngesgasse in central Frankfurt, on a long-term rental basis. The legal formalities have now been agreed in the form of a leasing structure between DIC, the City of Frankfurt and the AGV group, Wiesbaden. The building in Hasengasse is the former head office of Frankfurter Sparkasse; it was part of the portfolio of fifty-seven properties belonging to Frankfurter Sparkasse acquired jointly by DIC (Deutsche Immobilien Chancen) and Morgan Stanley Real Estate Funds at the end of 2004.

DIC is undertaking numerous alterations and an overall restructuring of the property to adapt the premises to meet the new requirements. The building work will begin in the second half of 2006 once the current tenant, Frankfurter Sparkasse, has vacated the property. The plans have been developed by the renowned Frankfurt architectural firm KSP Engel und Zimmermann. The property is located very close to the Kleinmarkthalle, Frankfurt’s popular central fresh goods market, and with an updated and more noticeable façade, will contribute to the upgrading of this quarter of the city. In addition to the City Library, the City of Frankfurt’s Land Registry Office will also be moving into the building. In total, an area of around 10,000 m² dedicated to office and service use has been let. The total investment volume of the development project will be in the region of EUR 25 million.   

Views of the property: High quality representations of the property are available and can be supplied on request.

About DIC

DIC (Deutsche Immobilien Chancen) 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 specializing in commercial real estate transactions. Its business activities include portfolio and asset management, project development and opportunistic investments. The real estate assets managed by the DIC real estate group currently amount to over EUR 1 billion. Its shareholders are investment companies (such as Thurn & Taxis), institutional investors (such as Morgan Stanley) and private investors with a family background in industry.

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