The South Korean national pension service (NPS) has carried out its first acquisition on Continental Europe with the purchase of the Sony Center complex located at Potsdamer Platz in Berlin.
The South Korean national pension service (NPS) has carried out its first acquisition on Continental Europe with the purchase of the Sony Center complex located at Potsdamer Platz in Berlin.
The vendors are CorpusSireo, The John Buck company and Morgan Stanley's MSREF VI international. The investment volume has not been disclosed. Market sources have suggested the price could be between EUR 500 mln and EUR 600 mln.
'We are very pleased hat we have acquired one of the most prominent real estate assets in Germany, perhaps even in Europe, in our first transaction in Continental Europe,' Jayme Younghee Han, manager at NPS said in a statement.
International project developer and investor Hines assisted NPS in the acquisition as part of a strategic alliance in Continental Europe. Hines will also be responsible for asset management of the 115,000-m2 complex.
BNP Paribas Real Estate and Morgan Stanley acted for the vendors. International law firm Clifford Chance advised The John Buck company.
The main tenants are Deutsche Bahn, Sony, Sanofi-Aventis and the German film and television academy.
NPS is an active investor in the UK. Last November, it agreed to acquire HSBC's headquarters in Canary Wharf, London for £772.5 mln (EUR 863 mln) in cash.