Construction of MainTor begins

German listed real estate company DIC Asset launched the construction phase of the MainTor riverside financial district in Frankfurt.

A ceremony to lay the foundation stone for the MainTor Porta building complex marked the beginning of the building work. Ulrich Höller, CEO of DIC Asset: 'Laying of the foundation stone is a key milestone for the emergence of the MainTor district. Over 50% of the MainTor district has already been marketed and is now in the process of being implemented. The development is therefore progressing faster than originally planned. We are now launching the building construction phase.'

The MainTor Porta comprises 20,500 m² of commercial rental space spread across the 19 floors of the 70-metre-high building and includes around 170 parking spaces. DIC has already rented around 14,000 m² (around 70% of the entire rental space) to Union Asset Management Holding. This was one of the largest new letting contracts of the year in Frankfurt city centre.

Responsibility for providing project financing of some EUR 110 mln is being shared equally by Deutsche Hypothekenbank (lead manager) and DG HYP. The building will be completed by the end-2013.

Other elements of the MainTor district include the 5,500 m² MainTor Primus building; the 13,500 m² MainTor Panorama and MainTor Patio; MainTor Palazzi and WinX (residential).

The entire MainTor district is set to be put into operation by 2015/2016.