A Brookfield Property Partners subsidiary has bought Berlin’s Potsdamer Platz in a joint venture deal with an Asian sovereign wealth fund.
Brookfield declined to name its partner in the deal or disclose the purchase price, but it was reported by the Financial Times to have paid £962.4m in partnership with the state-owned Korea Investment Corporation.
The historic asset includes 2.9m sq ft of offices, retail space, flats and leisure facilities across 17 buildings, 10 streets and two squares.
Potsdamer Platz was sold by Sweden’s SEB, which acquired the asset for around £1bn in 2008.
Redeveloped by Daimler in the 1990s and designed by architects including Renzo Piano, Richard Rogers and Hans Kollhoff, the area attracts more than 10,000 visitors daily.
It is home to more than 480 companies and is served by the U-Bahn, S-Bahn, regional express trains and bus services with a direct connection to the new Berlin Brandenburg International Airport due to be competed in 2017.
