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

Press Release

DIC sells main post office in Erfurt to DEGI

Frankfurt, 19.07.2007

The Frankfurt-based DIC Deutsche Immobilien Chancen AG & Co. KGaA has sold its Erfurt main post office project development to DEGI (Deutsche Gesellschaft für Immobilienfonds), the real estate investment arm of Allianz. The total investment volume is around EUR 55 million.

The listed historic main post office in Erfurt from 1895 with its outstanding inner-city location Am Anger was acquired from Deutsche Post by DIC in December 2003 and, after modification of the local plan and a subsequent redesign, an extensive modernization was started in spring 2006. A new utilization concept was also developed and implemented in close collaboration with the responsible authorities and the historic monuments preservation body. For instance, the ground floor was lowered, thus opening up the building to the city. A facelift and technical upgrade therefore gave the tradition-steeped building a whole new variety of uses. After all construction work was completed, the first retail outlet areas were handed over to the tenants in February this year. The first outlets have been open to the public since April. The extensive renovation of the main post office area, completed in June this year, significantly enhances the city centre.

After the extensive redesign, the historic main post office centre in the heart of Erfurt now boasts around 13,900 sqm of attractive retail and office space. In addition to a branch of the post office as well as administrative and telecommunication areas for Deutsche Telekom, various well-known names and modern brands have opened outlets on the ground floor and first floor of the building. These include the shoe retailer Görtz, the fashion label Marc O'Polo, the Danish textile company Bestseller (with its Vero Moda and Jack & Jones labels), the drugstore chain dm and the jeans label G-Star.

The DIC has been advised by Kemper’s Frankfurt and Jones Lang LaSalle.

About DIC Deutsche Immobilien Chancen AG & Co. KGaA:
DIC 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. Including this transaction, the real estate assets managed by the DIC group currently amount to approx. EUR 3 billion. Its shareholders are investment companies, institutional investors and private investors with a family background in industry

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