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

Press Release

DIC Asset AG opens the new Bienenkorbhaus on Frankfurt’s boulevard Zeil

Frankfurt, 24.04.2009

Today, Petra Roth, the Mayoress of the City of Frankfurt and Ulrich Höller, CEO of DIC Asset AG, will together open the new Bienenkorbhaus on Frankfurt’s boulevard Zeil. Some 200 guests representing the worlds of business, administration and culture will join DIC in recognising the successful conclusion of the restoration and restructuring of the historic complex, in which many new shops are now opening and making Frankfurt an even more attractive shopping centre.

The complex is now 80 percent let. Main tenants with a 15-year lease each are Ludwig Görtz GmbH, which is opening a large flagship store in the new extension, and Frankfurter Sparkasse, which is opening its largest and most modern branch in the municipal area in the high-rise building. The other residents include Deutsche Angestelltenkrankenkasse (DAK) and Procter & Gamble, which have office space on two floors. The Bienenkorbhaus offers 10,500 sqm in commercial floor space (thereof 3,500 sqm retail and 7,000 sqm office space).

DIC Asset AG acquired the Bienenkorbhaus together with Morgan Stanley Real Estate Funds (MSREF) as part of the real estate portfolio of Frankfurter Sparkasse in late 2004. The total investment volume comes to roughly EUR 75 million. With the restructuring and the acquisition of new tenants, the new Bienenkorbhaus will make the Zeil more attractive for neighbouring owners, visitors and customers. It marks the entry to Germany’s best known and most lucrative shopping mile. The building owes its name to the Frankfurter Sparkasse’s logo dating back to 1822: previously, the building was topped by a ring holding a stylised beehive.

Ulrich Höller, CEO of DIC Asset AG: "With this revitalisation, the preservation of a traditional style was both our paramount dictum and, at the same time, our greatest challenge. We have preserved and restored the 1950s architecture and modernised the building by adding an attractive extension. With the new Bienenkorbhaus, we have added an attractive focus to the city centre area of Frankfurt."

About DIC Asset AG:
Established in 2002, DIC Asset AG, with registered offices in Frankfurt am Main (WKN 509840 /ISIN DE0005098404), is a real estate company with a dedicated investment focus on investing in commercial real estate in Germany, pursuing a return-oriented investment policy. DIC Asset AG’s real estate portfolio currently includes about 340 properties with a combined floor space of about 1.3 million sqm. The portfolio is divided into three segments: The Core portfolio includes the proprietary portfolio held on a long-term basis and offering stable, attractive rental yields; the Value-Added portfolio contains real estate with promising performance potential over the medium term; while the Opportunistic Co-Investments portfolio is comprised of real estate investments that have a more pronounced risk/return profile, which are placed with third parties following a repositioning under an individual business plan. Real estate assets under management currently amount to approx. EUR 3.3 billion. DIC Asset AG has been listed on the SDAX index since June 2006.

DIC in Frankfurt:
With activities nationwide, DIC specialises in the acquisition, development and operation of commercial real estate. In Frankfurt, the company collaborated in several instances in the positive reshaping of the cityscape. The best known of these are the Grünhof building on Eschersheimer Landstrasse across from the police headquarters, and the new seat of the municipal library next to Kleinmarkthalle. At present, DIC is helping to reorganise the area between the banking quarter, the river bank promenade and the city centre area under the name “MainTor” in line with an urban development scheme that will open the estate toward adjacent city centre areas of Frankfurt and toward the river Main.

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