Germany's richest woman buys DIC tower project in Frankfurt for €350m

Susanne Klatten, the richest woman in Germany with an estimated net worth of €14 bn, has acquired the WINX tower project in Frankfurt from Deutsche Immobilien Chancen (DIC) for €350 mln.

The sale of the tower - known in full as WINX - The Riverside Tower - comes ahead of the start of its construction. The 42,000 m2 office high-rise is a key component of DIC's 108,000 m2 MainTor estate which extends the city's banking district along the bank of the River Main.

Some 60% of the tower is already let to Union Asset Management Holding. The property includes a portal building with an 11-metre tall glazed lobby. Construction of the 29-storey WINX Tower is scheduled to start at the beginning of 2015, with completion due before year-end 2017. Up to completion, DIC will remain responsible for the entire project development, the realisation of construction and the leasing process.

BNP Paribas Real Estate and law firm bhp - Bögner Hensel & Partner acted for DIC, while property adviser Drees & Sommer and law firm Hogan Lovells acted for the buyer.

With this deal in place, DIC has sold, prior to completion, all six of the sub-projects that form MainTor Quarter for a total volume of €750 mln. Specifically, MainTor Primus was sold in June 2011, MainTor Panorama and MainTor Patio in August 2012, and MainTor Porta in December 2013, while most of the apartments at MainTor Palazzi have also been sold.

The SDAX-listed company DIC Asset - established by DIC between 1998 and 2002 to handle its commercial real estate activities in Germany - acts as co-investor and holds a 40% interest in the development of the quarter. DIC Asset manages €3.8 bn of real estate assets.

Ulrich Höller, CEO of DIC Asset, said: 'The WINX Tower represents the highlight of the MainTor estate and simultaneously its largest component. The very early sale to a renowned investor has once again confirmed the attractiveness of MainTor, and will expedite the overall development of this urban quarter going forward.'

Susanne Klatten, born as Susanne Hanna Ursula Quandt, was again cited by Forbes Magazine earlier this month as the richest woman in Germany and the 49th richest person in the world. She inherited a 50.1% stake in pharmaceutical and chemicals manufacturer Altana and a 12.5% stake in car market BMW from her father, and has built up other business interests over the years.