DIC Deutsche Immobilien Chancen AG & Co. KGaA
DIC and City of Frankfurt: Green light for MainTor project
DIC Deutsche Immobilien Chancen AG & Co. KGaA / Miscellaneous Announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Agreement on improved redevelopment plans for Degussa site - construction to start already in 2008 The City of Frankfurt and the DIC Group (Deutsche Immobilien Chancen) have reached agreement on the redevelopment plans for the Degussa site. The previously enclosed industrial and office site will be transformed into an open, modern and multifunctional urban ensemble of variously used individual buildings right at the heart of Frankfurt. The redevelopment project is based on the plans that were presented to the general public in spring. In the meantime, DIC has worked on improving these plans together with city officials. The attractiveness of the site is now enhanced by even more generous open spaces. To achieve this, the centrally located and now around 100 m-high WinX tower will be positioned slightly further to the west in the direction of Neue Mainzer Straße. This will therefore obtain prestigious access to the Neue Mainzer Straße. Two additional 60 m-high office blocks flank the WinX building and form a harmonious grouping that also represents an attractive addition to the Frankfurt skyline. The overall site covers an area of around 21,000 sqm and will accommodate an urban mix of living and office space as well as retail and café and restaurants businesses, which will occupy a total area of approximately 105,000 sqm. This mix is ideally complemented by the cultural facilities located in the direct vicinity such as the Frankfurt Opera House and the theatre 'Die Komödie'. Around 20 percent of the floor space is reserved for flats. On the basis of current planning, the site will house around 250 high-quality residential units. At the same time, it will offer space for up to 3,000 jobs. The final design of the central WinX tower building will be decided based on several alternatives The present plan is divided into three main construction stages to be executed without interruption, and realisation will probably be completed in 2013. Initial construction work is already planned for the second half of 2008 for the area north-east of Weißfrauenstraße. The site will be continuously used during the construction period of several years through integration of the anchor tenant Degussa with its 1,000 employees. The planned investment volume is over 500m euros. Edwin Schwarz, Head of Municipal Planning at the City of Frankfurt: 'I am pleased that we have reached a workable urban compromise between the needs of the investors and the requirements of the City of Frankfurt. By means of the new design, we are once again making the Degussa site accessible to the general public. I am certain that the MainTor project will contribute in enlivening this district in the midst of the city. It fits in really well within the structure of the surrounding buildings and is of benefit from the town planning aspect for Frankfurt am Main.' Ulrich Höller, CEO of DIC: The successful and quick agreement between the City of Frankfurt and DIC ensures the timely implementation of the MainTor project in the expanding Frankfurt market. With this investment in a prime location, a positive landmark development with considerably increased utilization is being promptly completed by DIC, which once again demonstrates that it can successfully achieve additional value from property investments.' About the prior history: The Degussa site was acquired 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 & Zimmermann 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 competence of DIC in urban design: 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 development of the Opera Offices, a pending large inner-city development in a premium location in Hamburg. 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 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 opportunistic investments. The real estate assets managed by the DIC Group currently amount to around 3.3bn euros. Its shareholders are investment companies, institutional investors and private investors with a family background in industry. Further information about the DIC Group is available on the internet at www.dic-ag.de. 08.11.2007 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: DIC Deutsche Immobilien Chancen AG & Co. KGaA Eschersheimer Landstr. 223 60320 Frankfurt am Main Deutschland Phone: +49 69 274033-10 Fax: +49 69 274033-70 E-mail: info@dic-ag.de Internet: www.dic-ag.de ISIN: WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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