DIC to start Opera Offices project in Hamburg (DE)

The Frankfurt-based DIC (Deutsche Immobilien Chancen) just sold the listed 'Opera Offices Klassik' section of the Opera Offices complex in Hamburg to a Northern German pension fund within the framework of a forward deal.

The project volume of this preliminary sale accounts for around a 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 Grossman & Berger. DIC Asset AG holds a 20% interest in the project.

The listed building dating back to 1911 was designed by Hamburg's legendary architect Fritz Schumacher (1869 – 1947). DIC will commence with the redevelopment work in spring 2012, the completion being slated for 2013. Following the handover of the building, the new owner will handle the letting of the property in his own right.

The combination office and commercial building with seven floors provides a gross lettable area of about 4,500 m². The visual appeal of Dammtorstrasse will be substantially enhanced, as the building will open itself to the future Opernboulevard.

With this sale of the first construction stage in place, DIC is going ahead with the realization of its development measures for the Opera Offices complex. In 2007, DIC had taken over the buildings complex from the City of Hamburg in conjunction with the acquisition of the so-called Primo 3 portfolio.

The overall project, which is situated in a downtown location across from the Staatsoper opera house, divides into two projects: Opera Offices Klassik and Opera Offices Neo.

While the Opera Offices Klassik project will be preserved in its basic structure, restored and modernized, the plans for the Opera Offices Neo envision a new structure with around 8,500 m² in commercial floor space according to architects design of Murphy Störmer Architekten. The necessary demolition and preparatory construction work is also scheduled to start in spring 2012.

Source: Thomas Pfaff Kommunikation

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