Brookfield Property Partners has finalized the purchase of Potsdamer Platz, an iconic mixed-use estate in a prime historic, creative area of Berlin.
The 2,900,000-square-foot, 17-building, 10-street and two-square development was part of a joint venture with an Asian sovereign wealth fund for an undisclosed price. The estate is located at a key intersection of the city, near Berlin’s five busiest streets.
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.
“Berlin represents a fantastic opportunity for Brookfield,” said James Tuckey, chairman of Brookfield Properties Europe, who has relocated to Berlin to head Brookfield’s Berlin office. “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.”
Potsdamer Platz was developed by Daimler in the 1990s and designed by an international team of world-renowned architects including Renzo Piano, Richard Rogers and Hans Kollhoff. The development is also a transport hub with a direct connection to the new Berlin Brandenburg International Airport in 2017.