DIC: Location change of Evonik positive for the realisation of the MainTor project

The Group therefore inquired at DIC to prematurely terminating the lease agreement. The necessary contractual negotiations now have been successfully concluded: Evonik Degussa GmbH will terminate the contract on 31 December 2010 for a compensation fee of a noteworthy double-digit million euro sum and will move out of the site to this date. As a result, DIC will early acquire total development and decision freedom regarding the realisation of the new MainTor urban district, which therefore can also be constructed in fewer stages. At the same time, the compensation fee for the original lease term, which has already been paid, will strengthen the project's return on equity significantly.

Ulrich Höller, Chairman of Management Board: ''This move suits us very well for two reasons: The various construction phases mean that we can carry out the project much more efficiently as the concerns of the current tenants and the relocation operations which were originally required now no longer have to be taken into account. At the same time, we can start construction work over the next few years with ongoing cashflow. Furthermore, the compensation fee has allowed us to strengthen the project's financing structure by means of further equity capital.''
The start of construction work is planned for mid-2009 on Weißfrauenstraße on the north side, with prime office and commercial real estate totalling alomost 20,000 sqm. The marketing of the new complex of buildings, which is now available for new tenants, is to start straight away. The building application is to be submitted at the beginning of next year in agreement with the relevant authorities. The second construction phase, with the WinX tower, is planned to commence immediately upon the departure of the tenant Evonik Degussa.