Oxford Properties Group has formed a 50-50 joint venture with Norges Bank Investment Management (NBIM) at the Sony Center in Berlin. NBIM will pay €677 million ($713 million) to acquire a 50-percent ownership interest in the Sony Center with Oxford selling 44.9 percent of its existing stake and Madison International Realty disposing its entire 5.1-percent interest.
Oxford will retain a 50-percent interest in the property and act as asset manager on behalf of the new joint venture. The closing of the transaction, which values the property at €1.35 billion ($1.42 billion), is subject to regulatory approval.
Comprising 113,000 square meters (1.2 million square feet) of prime office, retail and residential space in the heart of Berlin, the Sony Center stands as a modern landmark and attracts more than 7 million visitors annually. An example of the depth of demand for well-let, high-quality office product among global institutional investors, the deal sees Oxford crysta
