Frankfurt, 27 November 2014
MainTor: WINX Tower Sold prior to Start of Construction, too
- DIC Sells WINX Tower to Entrepreneur Susanne Klatten
- Investment total approx. EUR 350 million
- Landmark tower pre-let to 60 per cent, as previously reported
Well ahead of the start of construction work, DIC just sold the “WINX - The Riverside Tower,” an office high-rise with more than 42,000 sqm of commercial floor area on the MainTor estate, to entrepreneur Susanne Klatten. As reported about a week ago, roughly 60 per cent of the landmark tower are already let to Union Asset Management Holding AG (“Union Investment”). The property includes a portal building with a spectacular glazed lobby 11 metres tall. Construction of the 29-storey WINX Tower is scheduled to start at the beginning of 2015, with the tower to be completed before year-end 2017. Raised according to the plans of the architectural firm KSP Jürgen Engel, the development will add another conspicuous landmark building to Frankfurt's skyline. The total amount invested in the office tower will approximate EUR 350 million. Up to completion DIC will remain responsible for the entire project development, the realization of construction and the rental.
On the seller side, the transaction was facilitated by the estate agency BNP Paribas Real Estate and the law firm of bhp - Bögner Hensel & Partner, whereas the buyer was advised by the law firm Hogan Lovells and by Drees & Sommer AG.
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 approximately EUR 750 million. 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 condominiums at “MainTor Palazzi” are also sold. The SDAX-listed company DIC Asset AG acts as co-investor and holds a 40 per cent interest in the development of the quarter.
Ulrich Höller, CEO of DIC: “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.”
DIC (Deutsche Immobilien Chancen), a company active throughout Germany and based in Frankfurt, was founded in 1998 and, with its investment philosophy and its focus on the German market, is one of the most prominent and successful firms in Germany specialising in commercial real estate transactions. Its business activities include portfolio and asset management, which are handled by its SDAX-listed company, DIC Asset AG, as well as project developments and joint venture investments. It currently holds approximately 33 per cent of DIC Asset AG. The real estate investments managed by the DIC Group currently amount to approximately EUR 3.8 billion. Its shareholders are investment companies, several insurance companies, international investors and family offices.
Chronology – The Key Miles Stones and Marketing Steps of MainTor:
- 2005: DIC acquires the former Degussa compound
- 2007: Master plan for the MainTor Quarter (by the architectural firm KSP Jürgen Engel Architekten)
- December 2009: Architectural competition for the design of the central high-rises WINX (Jürgen Engel) and Panorama (Prof. Christoph Mäckler)
- 2010: Effective local development plan is finalised
- January 2011: EVONIK (formerly Degussa) moves out
- June - October 2011: Anniversary show of the MMK Museum of Modern Art in Frankfurt draws more than 100,000 visitors
- June 2011: “MainTor Primus” building complex is sold to Professor Carlo Giersch
- August 2011: Demolition work starts
- January 2012: Major letting contract over 14,000 sqm at “MainTor Porta” is signed with Union Investment
- July 2012: “MainTor Panorama” and “MainTor Patio” sold to the Ärzteversorgung Westfalen-Lippe pension fund for approx. EUR 150 million (in a forward deal)
- 29 August 2012: Foundation stone laid for “MainTor Porta”
- December 2012: Marketing kicked off for the condominiums at “MainTor Palazzi”
- January 2013
- Major letting contract for 9,000 sqm at “MainTor Panorama” signed with CMS Hasche Sigle
- Major letting contract for 8,000 sqm at “MainTor Porta” signed with Union Investment
- December 2013: “MainTor Porta” sold to a fund managed by Union Investment Real Estate for approx. EUR 155 million
- January 2014: Marketing for the “WINX Tower” including portal building kicked off
- April 2014: DIC relocated its headquarters into the "MainTor Primus" complex
- November 2014: Marketing for flats at “MainTor Patio” launched
- November 2014: 60 per cent of the WINX Tower prelet to Union Investment
- December 2014: WINX-Tower is sold to WinX GmbH & Co Immobilien KG (fully owned by Susanne Klatten)