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

Press Release

DIC and MSREF present planning for “MainTor” in Frankfurt

Frankfurt, 26.03.2007

The Frankfurt-based DIC Group (Deutsche Immobilien Chancen) has now presented its plans for the redevelopment of the Degussa site to the general public. The new concept behind the project “MainTor - the pulse of Frankfurt” pursues three main objectives:

• This industrial and office site, which has been an enclosed area for decades, will be transformed into an open, multifunctional ensemble of variously used individual buildings offering a high quality of life at the heart of Frankfurt.
• The redevelopment of the site will integrate the new quarter seamlessly into the neighbouring areas of the Frankfurt city centre and towards the Main river, and will therefore create new, attractive links.
• An open and communicative space will be established which will have a central, public square at its main intersection. In addition, residential space will be created in a prestigious and prominent location on the Main river.

A commercially used site in a premium inner-city location, which is not accessible to the public up to the present day, will be opened up for the first time, while at the same time integrating the anchor tenant Degussa with its around 1,000 employees. The model project will make a further contribution to the city’s image as an international metropolis through its integrative contours.

The Degussa site was acquired by from Degussa AG by DIC together with Morgan Stanley Real Estate Funds (MSREF) in a structured bidding process at the end of 2005. The renowned architects KSP Engel & Zimmerman were given the task of developing the overall architectural concept. Detailed planning took into account the interests of the Frankfurt city authorities, which included opening up of the site, creation of new public infrastructures and urban spaces as well as integration of high quality living space.

The quarter covers an area of around 21,000 sqm, and will be experienced as a kind of “gateway” between the banking quarter and the Main river due to its openness towards the river. This gateway will also be clearly visible in the skyline thanks to the double gatehouse arrangement with its counterpart in the Swiss National Insurance building and the Eurotower. The development is characterised by a communicative network of paths, parks, squares and terraces. The historical routes between the Main, banking quarter and city centre will be re-established. A spacious public square is planned at the centre of the quarter, in which the catering trade will be grouped with innovative concepts. Degussa´s listed historical house on the Untermainkai will be preserved and harmoniously integrated into the overall ensemble by means of a garden terrace and an art garden.

An essential part of the plans is the central WinX tower building, which will complement Frankfurt’s skyline and reinforce Frankfurt’s metropolitan character with its filigree architecture. This high-rise building permits creation of the desired uncluttered design of the site with generous squares, traffic routes and visual axes, and is an essential precondition for repositioning a previously closed site in the prime front-row location on the Main.

As one of the next steps, DIC will coordinate the planning law required for realisation in close cooperation with the Frankfurt authorities. Realisation of the current plan could take place in one step, and will take around five years, depending on the number of construction phases. Initial construction work could already start in the second half of 2008. The site will be continuously used and lived in during the construction period of several years. The planned investment volume is over 500 million euros.

DIC, which has its headquarters in Frankfurt, has many years of experience in urban design, and has already successfully realised various city redevelopment projects in Frankfurt. The most recent projects include the Bienenkorbhaus (“Beehive building”) on the famous Zeil street, as well as the new central library of the Frankfurt library authority in the Hasengasse. Other national urban renewal projects include the revitalisation of the Main Post Office in Erfurt, redevelopments in the historic centre of Trier, as well as a pending large inner-city development in Hamburg.
 

Ulrich Höller, CEO of DIC: “The ‘MainTor’ project offers a sustained impetus for Frankfurt. As a result of the newly gained urban space, unique preconditions are established for bringing to life a previously closed site. Living, work and culture are combined here into a new experience in an urban quarter. This enhances both the quality of life for the people and the attractiveness of the Frankfurt cityscape. The fact that the investors and current main tenant Degussa enjoy a relationship based on mutual partnership provides the opportunity for fast and problem-free realisation.”

Further information is available on the Internet at www.maintor-frankfurt.de

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, which are handled by its SDAX listed company, DIC Asset AG, project development and opportunistic investments. The real estate assets managed by the DIC group currently amount to over EUR 2.2 billion. Its shareholders are investment companies, institutional investors and private investors with a family background in industry.

About Morgan Stanley Real Estate
Morgan Stanley Real Estate is comprised of three major global businesses: Investing, Banking and Lending. Since 1991, Morgan Stanley has acquired $113.5 billion of real estate assets worldwide and currently manages $72.8 billion in real estate assets on behalf of its clients.  In addition, Morgan Stanley Real Estate provides a complete range of market-leading investment banking services to its clients, including advice on strategy, mergers, acquisitions and restructurings, as well as underwriting public and private debt and equity financings. Morgan Stanley is also a global leader in real estate lending offering approximately $156.0 billion of CMBS through the capital markets since 1997, including $35.5 billion in 2006. For more information about Morgan Stanley Real Estate, go to www.morganstanley.com/realestate.

<< back