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

Hauptpost Erfurt

• Location: Inner city of Erfurt
  
• Development: Revitalisation of the listed building
  
• Usable area: around 14,000 sqm
  
• Status: completed in early 2007
  
• Main tenants: Deutsche Post, Deutsche Telekom, Görtz
• Share of DIC group: 100%
• Volume: 55 million Euro
  

This property in a prime location in the center of Erfurt was built at the end of the 19th century and has Listed Building status. It is let on a long-term basis to Deutsche Post and Deutsche Telekom.

The object offered attractive potential for value growth in the form of substantial retail capacity that can be realized by project development. Development and revitalization of the property were started in early 2006. For instance, the ground floor was lowered, thus opening up the building to the city. After all construction work was completed, the first retail outlet areas were handed over to the tenants in February this year. DIC sold the main post office to DEGI (Deutsche Gesellschaft für Immobilienfonds), the real estate investment arm of Allianz for EUR 55 million in July 2007.