SEB Asset Management is believed to have hired Eastdil Secured to market its flagship Potsdamer Platz holdings in Berlin for a price of around €1.5 bn.
SEB Asset Management is believed to have hired Eastdil Secured to market its flagship Potsdamer Platz holdings in Berlin for a price of around €1.5 bn.
According to a news report by Bloomberg, SEB's Immoinvest open-ended fund in liquidation is looking for a buyer for the 18 buildings which include the Mandala Hotel, a Cinemaxx cinema and the Arkaden shopping mall.
The assets for sale do not include the Sony Center plaza, which was bought by South Korea’s National Pension Service in 2010.
Potsdamer Platz, designed by architects including Renzo Piano and Richard Rogers, opened in 1998 and has over 250,000 m2 of restaurants, offices, apartments and shops.
SEB AM bought the portfolio back in 2007 from German car maker Daimler for €1.5 bn. Daimler vacated part of the asset in late 2012 and the portfolio is believed to be 20% vacant at present.
SEB AM tried to sell a 50% stake in 2011 to meet withdrawal requests from ImmoInvest shareholders but the assets failed to raise enough interest. In 2013, the asset manager sold the Hyatt hotel out of the Potsdamer Platz portfolio to Qatar’s Al Rayyan Tourism and Investment.
SEB AM declined to comment on the sale.
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