DIC sells part of Opera complex in Hamburg to pension fund

Frankfurt-based real estate group DIC has sold the listed Opera Offices Klassik section of the Opera Offices complex in Hamburg to a Northern German pension fund in a forward-purchase transaction.

Financial details were not disclosed but the sale accounts for around one third of the overall volume of the complex, which has a total investment volume of EUR 55mln, DIC said in a statement.

The listed building dating back to 1911 was designed by architect Fritz Schumacher. Redevelopment work will start in spring 2012 and completion is slated for 2013. The combination office and commercial building with seven floors provides a gross lettable area of about 4,500 m².

DIC took over the complex from the City of Hamburg in 2007 as part of a larger portfolio.