DIC sells office complex at MainTor

German listed real estate company Deutsche Immobilien Chancen (DIC) has announced the forward sale of an office complex at the MainTor project in Frankfurt. The buyer is Frankfurt-based private Professor Carlo Giersch.

DIC said that the deal laid the foundation for construction work to begin on the phased construction of MainTor. The financial details of the acquisition were not disclosed, but the total volume for the first construction phase - preparatory work and construction of the 5,500-m² Primus office complex - amounts to EUR 50 mln.

Demolition of the existing structure and site clearing for construction of the Primus office complex, designed by architects KSP Jürgen Engel, is scheduled to start in August this year. DIC is to house its Frankfurt headquarters on 3,300 m² of the lettable area by mid-2013.

DIC's MainTor project involves redesigning the area between Untermainkai und Weissfrauenstrasse along the bank of the Main Frankfurt's financial quarter to provide 108,000 m² of office space, apartments and food outlets. The district is to be ready by 2015.

DIC is active throughout Germany and manages EUR 3.2 bn of real estate. The shareholders of the SDAX-listed company are investment companies, insurers, institutional investors and family offices.