29.11.2016
DIC Asset AG DE000A1X3XX4
DGAP-News: DIC kicks off modernisation of Kaiserpassage arcade in Frankfurt
DGAP-News: DIC Asset AG / Key word(s): Real Estate
DIC kicks off modernisation of Kaiserpassage arcade in Frankfurt
29.11.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
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Press Release
Frankfurt, 29 November 2016
DIC kicks off modernisation of Kaiserpassage arcade in Frankfurt
- Attractive upgrade for the sub-district's amenities and quality of life
- Modern design concept with strong tenant mix
- 97% of the new floor space already let
- Completion scheduled for spring 2018
In December 2016, DIC Asset AG (WKN A1X3XX / ISIN DE000A1X3XX4) will launch
its modernisation and restructuring measures in the Kaiserpassage shopping
arcade in the Bahnhofsviertel neighbourhood of Frankfurt. The works are
scheduled to be completed by spring 2018. In the course of the
refurbishment, the Kaiserstrasse end and the Taunusstrasse end of
Kaiserpassage will each get a new façade while the arcade itself will get a
brighter light concept and a new structure. The idea is to create a single
wide, bright shopping arcade connecting Kaiserstrasse and Taunusstrasse and
replacing the current four-entrance arrangement. The restructured passage
will create a welcoming and warm ambience, and thereby increase the foot
traffic.
DIC signed up the full-line supplier "tegut..." as main tenant for the
ground floor, which extends over roughly 1,600 square metres of retail
area. The existing Mercure Hotel Kaiserhof will expand its hotel
accommodation, and occupy around 4,700 square metres of floor space.
Another attractive tenant that was secured is ipartment GmbH, a
Cologne-based provider of short-term accommodation who will occupy 1,700
square metres on Taunusstrasse after the project's completion and offer 71
furnished design apartments on the premises. Long-term leases were signed
with tegut..., Mercure and ipartment.
Additionally, new leases were negotiated with seven existing tenants that
nicely complement the new retail concept for the arcade and will help to
ensure that its special flair is preserved. These include two food
retailers, one clothing store, a fabrics and textiles retailer, a tailor,
and a travel agency, among others. Even the Rote Treppe gallery of Oskar
Mahler, which had the interim use of some of the floor space, will remain
and move into new premises once the restructuring work is completed.
Overall, 97 percent of the lettable area at Kaiserpassage is already let.
"Working on the modernisation concept for Kaiserpassage, our team of
experts developed a convincing modern use concept that will visibly enhance
the quality of life and generally help to boost the appeal and security of
the Bahnhofsviertel quarter in Frankfurt. At the same time, we have made
every effort to preserve the original individuality of Kaiserpassage as
much as possible," said Aydin Karaduman, CEO of DIC Asset AG.
Councillor Markus Frank, who heads the Department of Commerce, Sports,
Security and Emergency Services, is delighted by DIC's investment in the
location: "We are pleased to see the quality of life in the Bahnhofsviertel
quarter enhanced by the restructuring of Kaiserpassage, while the
supermarket moving into Kaiserpassage will improve the non-discretionary
retail situation. DIC has been highly cooperative during the meetings of
the planning phase. Furthermore, the company has shown commitment to the
neighbourhood as such, for instance by making the vacant premises available
to local artists, and thereby brilliantly supporting our TAB-Taunusstrasse
Arts & Bites project. We are also highly appreciative of the property
owner's efforts to preserve the special flair of Kaiserpassage by keeping
loyal tenants aboard in the restructured Kaiserpassage. This is a sub-
district that thrives on diversity, and retailers with a variety of
cultural backgrounds constitute an important and defining component of our
Bahnhofsviertel."
Martina Becker, Head of Expansions at "tegut...," had this to add: "We are
proud to become the first full-line supplier to operate on Kaiserstrasse.
With our regional range of goods and our product variety, we will serve the
fast-growing shopper demand in the catchment area around the railway
station."
Backed by demonstrable expertise in the retail sector, DIC currently has
over 320,000 square metres of retail area and roughly 290 retail tenants
under management.
Press contacts
DIC Asset AG
Andre Zahlten
Head of Corporate Communications
Neue Mainzer Strasse 20 - MainTor
60311 Frankfurt/Main, Germany
Phone: +49 69 9454858-1435
Fax +49 69 9454858-9199
[email protected]
RUECKERCONSULT GmbH
Jan Schweiger
Wallstrasse 16
10179 Berlin, Germany
Phone: +49 30 2844987-65
Fax +49 30 2844987-99
[email protected]
Investor Relations
DIC Asset AG
Peer Schlinkmann
Head of Investor Relations
Neue Mainzer Strasse 20 - MainTor
60311 Frankfurt/Main, Germany
Phone: +49 69 9454858-1221
Fax +49 69 9454858-9399
[email protected]
About DIC Asset AG:
Established in 2002, DIC Asset AG, with registered offices in Frankfurt/
Main, is a real estate company with an investment focus on commercial real
estate in Germany, pursuing a return-oriented investment policy. The
Company's investment strategy is geared to the continued development of a
high-quality, highly profitable and regionally diversified portfolio. Real
estate assets under management comprise circa 210 properties with an
aggregate market value of EUR 3.2 billion. The real estate portfolio is
structured in two segments: the Commercial Portfolio (EUR 1.7 billion)
comprises existing properties with long-term rental contracts generating
attractive rental yields. The Co-Investments segment (EUR 1.5 billion)
comprises fund investments (accounting for a share of EUR 1.2 billion),
joint-venture investments, and interests in development projects. In-house
real estate management teams provide a direct service to tenants, working
out of six different locations in each of the portfolio focus regions. This
market presence and expertise creates the basis for preserving and
enhancing earnings and real estate values. DIC Asset AG has been included
in the SDAX(R) segment of the Frankfurt Stock Exchange since June 2006. The
Company's shares are also included in the EPRA index, which tracks the
performance of the most important European real estate companies.
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29.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: DIC Asset AG
Neue Mainzer Straße 20 * MainTor
60311 Frankfurt am Main
Germany
Phone: +49 69 9454858-1221
Fax: +49 69 9454858-9399
E-mail: [email protected]
Internet: www.dic-asset.de
ISIN: DE000A1X3XX4, DE000A1TNJ22, DE000A12T648
WKN: A1X3XX, A1TNJ2, A12T64
Indices: S-DAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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