SEB Asset Management is planning to sell a stake in its massive Potsdamer Platz portfolio in central Berlin, a company spokesperson confirmed to PropertyEU on Wednesday. 'We are looking for a joint venture partner for the assets,' the spokesperson said.
SEB Asset Management is planning to sell a stake in its massive Potsdamer Platz portfolio in central Berlin, a company spokesperson confirmed to PropertyEU on Wednesday. 'We are looking for a joint venture partner for the assets,' the spokesperson said.
The planned disposal was first reported by German newspaper 'Berliner Zeitung', which said this week that the German investment manager is looking for a broker to manage the sales process.
SEB AM bought the portfolio back in 2007 from German car maker Daimler for EUR 1.5 bn. The portfolio comprises 19 properties with a total space of about 285,000 m2. Office and administrative space account for 42% of the lettable area, while 22% is for retail use. The remaining space consists of residential, hotel accommodation and leisure facilities. The complex, designed by an international team of architects led by Renzo Piano, eventually opened in 1998.
The portfolio also comprises the neighbouring Gleisdreieck car park providing a total of 3,877 parking spaces as well as the Potsdamer Platz Arcades shopping centre and the Grand Hyatt Hotel.
Daimler will vacate part of the office space in late 2012 as a result of the closure of two of its business lines.
