Brookfield and Korean investor to buy $1.4b German portfolio

Brookfield Property Partners and Korea Investment Corp. are in talks to acquire a 15-property portfoliofrom Germany-based Savills Fund Management GmbH. The sales price is estimated to be €1.29 billion ($1.4 billion), according to Real Capital Analytics.

A prime asset at the geographical center of Berlin, Potsdamer Platz is the meeting point of the city’s five most bustling streets in a star-shaped intersection. The mixed-use property comprises 17 buildings, 10 streets, and two squares covering a gross area of more than 2.9 million square feet in the center of Berlin. The buildings are a mix of office (1.4 million square feet), retail (493,000 square feet), residential (271,000 square feet), leisure (446,000 square feet), and hotel (138,000 square feet) and are occupied by more than 480 national and international companies.

The highest priced assets are the office property at Marlene-Dietrich-Platz 5, with an estimated sales price of €193.2 mill