DIC Asset sells MainTor assets to German pension fund

German pension fund Ärzteversorgung Westfalen-Lippe (ÄVWL) has carried out a EUR 150 mln forward purchase of an office complex and a residential project in the MainTor Quarter which is being developed in Frankfurt by listed company DIC Asset.

SDAX-listed company DIC Asset said construction of MainTor Panorama (office space) and MainTor Patio (rental apartments) is scheduled to start during the first half of 2013.

The transactions were carried out by institutional funds operating on behalf of the pension fund for medical personnel in the western German regions of Westfalen-Lippe.

MainTor Panorama will provide 13,500 m² in commercial space and 70 parking spaces in an underground car park. DIC plans to have the building completed and ready for occupation by mid-2015. The pension fund acquired the project through an existing, actively managed specialised fund of IVG Institutional Funds.

A specialised funds managed by Patrizia WohnInvest bought the MainTor Patio residential property. The transactions were facilitated by GSK, Valteq, and Bögner Hensel & Partner in consultancy roles.

MainTor Patio, located at the plaza of the MainTor Quarter, comprises 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 is set aside for gastronomy, wellness and a children's day-care centre, and supply infrastructure for the residents of the entire MainTor Quarter. DIC intends to have the complex completed and ready for occupation by the end of 2014.

DIC Asset said that the transactions will permit it to move ahead with the development of the MainTor Quarter much quicker than planned: With EUR 340 million committed, more than 50% of the project volume are either sold or under construction now.

The DIC Asset AG holds a 40% interest in both sub-project.

In addition, preparations are under way for selling around 80 condominiums with a total residential area of 9,800 m2at 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.