Oxford Properties and Madison International Realty have acquired the Sony Center in Berlin for €1.1bn from NPS Korea. This is Oxford’s first acquisition in the German capital. Located on Potsdamer Platz in the city’s Mitte district, the mixed-use scheme offers 112 sqm of space in eight buildings spread across six acres, including 85,000 sqm of office, 20,000 sqm of retail and 67 residential units. Tenants include Deutsche Bahn, Facebook, Sanofi, Sony, the State of Berlin and WeWork, as well as LegoLand, IMAX and Cinestar.
The acquisition follows Oxford’s recently announced €500m purchase of Window in Paris’ La Defense business district. The Berlin deal brings Oxford’s Continental European assets under management to approximately €2.3bn. The company’s European portfolio now includes 17 assets in London, Paris and Berlin with a combined value of €5.5bn. Oxford, the global real estate arm of the Ontario Municipal Employees Retirement System, is planning to create an asset management team in Berlin for further expansion.
