DIC Deutsche Immobilien Chancen - Investor und Projektentwicklung auf dem deutschen Markt für Gewerbeimmobilien

Press Release

MainTor Quarter: DIC markets another two major construction stages

Frankfurt, 01.08.2012

• Ärzteversorgung Westfalen-Lippe acquires “MainTor Panorama” and “MainTor Patio” with construction yet to start
• Total investment volume approx. EUR 150 million
• Acquisition structured via institutional funds
  

With construction not yet started, DIC just sold the building complexes “MainTor Panorama” (office space) and “MainTor Patio” (rental apartments) of the future “MainTor Quarter” within the framework of a forward deal to institutional funds held by Ärzteversorgung Westfalen-Lippe (ÄVWL), a German pension fund. The investment volume totals approximately EUR 150 million. Construction of both projects is scheduled to start during the first half of 2013.

The transaction will permit DIC to move ahead with the development of the MainTor Quarter much quicker than planned: With approximately EUR 340 million committed, more than 50 percent of the project volume are either marketed or under construction now. The SDAX-listed company DIC Asset AG holds a 40 per cent interest in either sub-project.

The “MainTor Panorama” office project was acquired via an existing, actively managed specialised fund of “IVG Institutional Funds.” The “MainTor Patio” residential property was acquired via a specialised funds managed by PATRIZIA WohnInvest. The transactions were facilitated by GSK, Valteq, and Bögner Hensel & Partner in consultancy roles.

DIC retains the overall responsibility over project development, construction realisation and completion, as well as for letting the properties.

Said Ulrich Höller, CEO of DIC: “The successful sale to a prominent institutional investor impressively underscores the great attractiveness of the MainTor Quarter. We are pleased to have thus put another milestone of this urban quarter development in place. The market appreciates the concept of independently realised sub-projects for different groups of occupiers and investors.”

The office property “MainTor Panorama” provides 13,500 sqm in commercial space and 70 parking spaces in an underground car park. The architecture is realised by the architectural firm of Professor Christoph Mäckler Architekten. DIC plans to have the “Panorama” building completed and ready for occupation by mid-2015.

“MainTor Patio”, an asset located at the plaza of the MainTor Quarter, comprises around 6,000 sqm in lettable area and 134 underground car park slots. Around 5,200 sqm are intended for more than 90 rental units. Another 800 sqm in commercial area are set aside for gastronomy, wellness and a children’s day-care centre, creating a convenient supply infrastructure for the residents of the entire MainTor Quarter. The project is handled by the architectural firm of KSP Jürgen Engel Architekten. DIC intends to have the “Patio” complex completed and ready for occupation by the end of 2014.

In a parallel effort, preparations are under way for selling around 80 condominiums with a total residential area of 9,800 sqm at the sub-project “MainTor Palazzi” to owner-occupiers and investors, with the marketing scheduled to kick off at the beginning of next year. Construction of these housing complexes directly on the bank of the Main river is to begin in summer of 2013.


About MainTor – the Riverside Financial District
The MainTor Quarter project of DIC Group is nothing less than the complete redevelopment of the area extending from Untermainkai to Weissfrauenstrasse. Formerly an enclosed compound, the estate is being developed not just by raising new structures, but by restoring it to the public realm and by firmly re-integrating into the surrounding city ward through walkways and streets. Architectonically speaking, MainTor Quarter will upgrade the riverbank facing Frankfurt’s CBD into a riverside financial district and thereby complete it in urban development terms. The successive construction stages will be realised incrementally in sync with the upcoming lettings and marketing activities. MainTor Quarter is scheduled to be operational in its entirety by 2015.


About DIC
DIC (Deutsche Immobilien Chancen), active throughout Germany and based in Frankfurt, was founded 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 specialising in commercial real estate transactions. Its business activities include portfolio and asset management, which are handled by its SDAX-listed company, DIC Asset AG, as well as project development and joint venture investments. It currently holds approximately 40 per cent of DIC Asset AG. The real estate assets managed by the DIC Group currently amount to around EUR 3.3 billion. Its shareholders are investment companies, several insurance companies, international investors and family offices.


About Ärzteversorgung Westfalen-Lippe
Ärzteversorgung Westfalen-Lippe (ÄVWL) is a pension fund belonging to the Medical Chamber of Westphalia-Lippe, and a public law corporation. With an investment volume of approximately EUR 9.5 billion, it counts among Germany’s largest pension funds. The purpose of ÄVWL is to provide pension benefits for its members and their next of kin. In doing so, it seeks to maintain the pension level by increasing pension rights and current pension payments in dependence on ÄVWL’s given economic and political environment. Real estate investments, which account for a share of around 20% of the total portfolio, have traditionally played a key role for ÄVWL. These commitments cover all segments of the real estate business, including major construction projects closely controlled by ÄVWL. In tune with this strategy, ÄVWL also cooperates closely with external specialists, which it supports in all relevant real estate issues.

ÄVWL acquired “MainTor Panorama” via a specialised fund managed by IVG Institutional Funds. In the fund segment, IVG is the market leader for specialised real estate funds for institutional investors. Together with the closed-end real estate funds for private investors, IVG manages funds and mandates with an aggregate volume of 15.0 billion Euros.

The “MainTor Patio” rental apartment project was acquired through a specialised fund managed by PATRIZIA WohnInvest. Patrizia counts among Germany’s market leaders in the institutional fund segment, operating through its two investment management companies PATRIZIA Gewerbeinvest KAG and PATRIZIA Wohninvest KAG. At the moment, the company has approximately EUR 7 billion in real assets under management.

These two institutional funds, structured as individual mandates, constitute a successful mainstay of ÄVWL’s real estate strategy.

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