Brookfield Property Partners has announced that one of its subsidiaries has completed the acquisition of Potsdamer Platz in Berlin with its joint venture partner, an Asian sovereign wealth fund. The parties are not disclosing the purchase price.
The site is a mixed-used estate with 17 buildings, 10 streets and two squares covering a gross area of more than 2,900,000 square feet in the centre of Berlin.
The buildings are a mix of office (1,376,000 square feet), retail (493,000 square feet), residential (271,000 square feet), leisure (446,000 square feet), and a hotel (138,000 square feet) and are home to more than 480 national and international companies.
Ric Clark, chairman of Brookfield Property Partners, called Potsdamer Platz “one of the world’s iconic properties”.
“We are pleased to be adding it to Brookfield’s growing portfolio of world-class assets,” he continued.
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Potsdamer Platz is the meeting point of the city’s five most bustling streets in a star-shaped intersection.
Redeveloped by Daimler in the 1990s and designed by an international team of world-renowned architects including Renzo Piano, Richard Rogers and Hans Kollhoff, Potsdamer Platz sits among Berlin’s historic, creative, and government districts and attracts more than 100,000 visitors every day.
Potsdamer Platz is also a transport hub served by U-Bahn, S-Bahn, regional express trains and bus services and with a direct connection to the new Berlin Brandenburg International Airport in 2017.
James Tuckey, chairman of Brookfield Properties Europe, has relocated to Berlin where he is heading Brookfield’s Berlin office.
He commented: “Berlin represents a fantastic opportunity for Brookfield. I look forward to working with our management teams to further our plans for Potsdamer Platz and harness the opportunity that we are seeing in the German market.”