Germany's DIC Asset said on Thursday that it has completed the restoration and restructuring work on the historic Bienenkorbhaus building on Frankfurt's boulevard Zeil on schedule. It added that 80% of the property has already been let and delivered to the new tenants. The asset comprises 10,500 m[sup]2[/sup] of commercial space, of which 3,500 m[sup]2[/sup] of retail area and 7,000 m[sup]2[/sup] of office facilities. The total investment volume comes to EUR 75 mln, DIC Asset said.
Germany's DIC Asset said on Thursday that it has completed the restoration and restructuring work on the historic Bienenkorbhaus building on Frankfurt's boulevard Zeil on schedule. It added that 80% of the property has already been let and delivered to the new tenants. The asset comprises 10,500 m2 of commercial space, of which 3,500 m2 of retail area and 7,000 m2 of office facilities. The total investment volume comes to EUR 75 mln, DIC Asset said.
Main tenants with a 15-year lease term are Ludwig Görtz and Frankfurter Sparkasse, as well as Procter & Gamble, and Deutsche Angestelltenkrankenkasse (DAK). The grand opening is scheduled for April 2009.
The company acquired Bienenkorbhaus together with Morgan Stanley Real Estate Funds (MSREF) as part of the Frankfurter Sparkasse real estate portfolio in late 2004. The company said it has extended a EUR 62 mln loan on the property to 2010, from the original maturity date of end-2008.
