With construction not yet started, DIC has just sold the building complexes 'MainTor Panorama' (office space) and 'MainTor Patio' (rental apartments) of the future MainTor Quarter within the framework of a forward deal to institutional funds held by Ärzteversorgung Westfalen-Lippe (ÄVWL), a German pension fund.
MainTor Quarter is scheduled to be operational in its entirety by 2015.
The investment volume totals approximately 150 million. Construction of both projects is scheduled to start during the first half of 2013.
The transaction will permit DIC to move ahead with the development of the MainTor Quarter much quicker than planned: with approximately 340 million committed, more than 50% of the project volume is either marketed or under construction now. The SDAX-listed company DIC Asset AG holds a 40% interest in either sub-project.
The MainTor Panorama office project was acquired via an existing, actively managed specialized fund of IVG Institutional Funds. A specialized fund managed by PATRIZIA WohnInvest bought the MainTor Patio residential property. The transactions were facilitated by GSK, Valteq, and Bögner Hensel & Partner in consultancy roles.
DIC retains the overall responsibility over project development, construction realization and completion, as well as for letting the properties.
Said Ulrich Höller, CEO of DIC: "The successful sale to a prominent institutional investor impressively underscores the great attractiveness of the MainTor Quarter. We are pleased to have thus put another milestone of this urban quarter development in place. The market appreciates the concept of independently realized sub-projects for different groups of occupiers and investors."
The office property MainTor Panorama provides 13,500 m² in commercial space and 70 parking spaces in an underground car park. The architecture is realized by the architectural firm of Professor Christoph Mäckler Architekten. DIC plans to have the Panorama building completed and ready for occupation by mid-2015.
MainTor Patio, an asset located at the plaza of the MainTor Quarter, comprises around 6,000 m² in lettable area and 134 underground car park slots. Around 5,200 m² is intended for more than 90 rental units. Another 800 m² in commercial area is set aside for gastronomy, wellness and a children's day-care center, creating a convenient supply infrastructure for the residents of the entire MainTor Quarter.
The project is being handled by the architectural firm of KSP Jürgen Engel Architekten. DIC intends to have the Patio complex completed and ready for occupation by the end of 2014.
In a parallel effort, preparations are under way for selling around 80 condominiums with a total residential area of 9,800 m² at the sub-project MainTor Palazzi to owner-occupiers and investors, with the marketing scheduled to kick off at the beginning of next year. Construction of these housing complexes directly on the bank of the Main river is to begin in summer of 2013.
Source: Thomas Pfaff Kommunikation