DIC sells WINX Tower prior to start of construction (DE)

Well ahead of the start of construction work, DIC just sold the “WINX - The Riverside Tower,” an office high-rise with more than 42,000 m² of commercial floor area on the MainTor estate, to entrepreneur Susanne Klatten.
Roughly 60% of the landmark tower is already let to Union Asset Management Holding AG. The property includes a portal building with a spectacular glazed lobby 11 meters tall. Construction of the 29-storey WINX Tower is scheduled to start at the beginning of 2015, with the tower to be completed before year-end 2017.
Raised according to the plans of the architectural firm KSP Jürgen Engel, the development will add another conspicuous landmark building to Frankfurt's skyline. The total amount invested in the office tower will approximate €350 mln. Up to completion DIC will remain responsible for the entire project development, the realization of construction and the rental. On the seller side, the transaction was facilitated by the estate agency BNP Paribas Real Estate and the law firm of bhp - Bögner Hensel & Partner, whereas the buyer was advised by the law firm Hogan Lovells and by Drees & Sommer AG.
With this deal in place, DIC has sold, prior to completion, all six of the sub-projects that form MainTor Quarter for a total volume of approximately €750 mln. Specifically, “MainTor Primus” was sold in June 2011, “MainTor Panorama” and “MainTor Patio” in August 2012, and “MainTor Porta” in December 2013, while most of the condominiums at “MainTor Palazzi” are also sold. The SDAX-listed company DIC Asset AG acts as co-investor and holds a 40 per cent interest in the development of the quarter.
Ulrich Höller, CEO of DIC: “The WINX Tower represents the highlight of the MainTor estate and simultaneously its largest component. The very early sale to a renowned investor has once again confirmed the attractiveness of MainTor, and will expedite the overall development of this urban quarter going forward.”
Source:DIC