DIC just sold the “MainTor Porta” office high-rise to Union Investment Real Estate GmbH. The purchase price paid for the office project with its rental space of about 22,500 m² approximates €155 million. Since January 2013, Union Asset Management Holding AG has already rented the entire property on a long term lease.
The Hamburg-based real estate fund company Union Investment Real Estate has earmarked the property for its institutional public real estate fund “UniInstitutional European Real Estate.” The building – which is still under construction in an attractive waterfront location next to the Main River and close to the future headquarters of the European Banking Authority (in the Eurotower) - will transfer to its tenant once the latter takes occupation of the building in summer 2014. The transaction was facilitated by BNP Paribas Real Estate and Jones Lang LaSalle in an advisory and brokering role for DIC. On the legal aspects, DIC was advised by HauckSchuchardt.
By now, DIC has already sold five of altogether six sub-projects of the MainTor Quarter ahead of completion, meaning more than 60 percent of the overall projects with a total volume of approximately € 700 million. The buildings “MainTor Primus” (in June 2011), “MainTor Panorama” and “MainTor Patio” (both in August 2012) were previously sold, as were around 90 percent of the condominiums at the “Palazzi” building. Marketing of the last and most prominent part of construction, the central office tower “WinX – The Riverside Tower” will start at the beginning of next year. The successful marketing drive has corroborated the positioning concept as an urban quarter with premium one-off property products in a prime location inside Frankfurt's financial district. The SDAX-listed company DIC Asset AG acts as co-investor and holds a 40 percent interest in the development of the quarter.
Ulrich Höller, CEO of DIC: “We are delighted that the `MainTor Porta` project was chosen by an investment house as renowned as Union Investment. It emphasises the intrinsic value of the MainTor Quarter in its prime location as an integral part of Frankfurt's financial district.”
Source: DIC
