DIC sells “Opera Offices Neo” development before construction start (DE)

DIC just sold the “Opera Offices Neo” office and commercial center within the framework of a forward deal to a company from the financial sector. The project volume of this preliminary sale accounts for around two third of the overall volume of the “Opera Offices” complex, which has a total investment volume of approximately €55 million.Buyer and seller mutually agreed not to disclose the purchase price. The transaction was supported by JLL.DIC Asset AG holds a 20% interest in the project.
Representing the second stage of the “Opera Offices” ensemble in Hamburg’s city center, the building will deliver 8,200 m² in lettable area. Construction is scheduled to start in the short term in fall 2014, the completion being planned as of mid-2016. In addition to the realisation of the building, DIC also remains responsible for letting the building.
DIC acquired the properties and real estate objects for the “Opera Offices” building complex in 2007. The overall project, which is situated in a downtown location on Dammtorstrasse and Grosser Theaterstrasse, divides into two construction stages: While the listed building “Opera Offices Klassik” was restored and modernised in its basic structure, “Opera Offices Neo” will be a new building planned by the architectural firm “Störmer Murphy and Partners.” The modern eight-storey building with its clear façade will blend harmoniously with the historic cityscape. Around 1,000 m² of storefront area for retail or gastronomy use are planned on the ground floor, whereas the six upper floors will deliver around 1,100 m² of lettable area each, and the loft floor with 500 m² of office space includes a spacious rooftop patio.
Source: DIC Asset

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