Fund Management has completed the sale of a portfolio of prime Berlin properties to Property Partners.
The Potsdamer Platz portfolio was inherited by 鈥檚 German arm when it took over Frankfurt-based SEB Asset Management .
Brookfield鈥檚 listed property company, which won a bidding process, has not revealed how much it paid for the portfolio.
The deal, according to Axel Kraus, managing director at Savills Fund Management, emphasises the 鈥渋nternational significance of Potsdamer Platz as a sought-after business centre and a superlative and vibrant part of Berlin鈥�.
SEB held the assets in its ImmoInvest mutual fund since purchase in 2008.
The 267,000sqm portfolio was sold for around 鈧�1.4bn, according to media reports.
The portfolio 鈥� which is 20% vacant and includes office, retail and residential space 鈥� was valued at approximately 鈧�1.2bn in the fund鈥檚 annual report, published in March.
Most of the portfolio鈥檚 vacancy is in the Eichenhornstrasse 3 office building, currently being repositioned.
Tenants include Etihad Airways, China鈥檚 ICBC, Daimler and Habitat, as well as law Freshfields and Olswang.
SEB Asset Management last year sold a portfolio of 11 German offices to US REIT Northstar for 鈧�1.1bn.
