Edited: Jennifer Brenner
South Korea’s National Pension Service (NPS) has signed the purchase and sale agreement for Sony Center Berlin. Sellers are Corpus Sireo, The John Buck Company and Morgan Stanley’s real estate fund MSREF VI International. Terms of the deal were not disclosed.
Sony Center is located at Potsdamer Platz in the heart of Berlin and consists of eight buildings with a total leasable area of approximately 115,000 square meters. This prestigious property serves as headquarters for tenants such as Deutsche Bahn, Sony and Sanofi-Aventis.
In this share deal, NPS was advised by Hines, the international real estate firm. Hines will also be responsible for ongoing asset management. The landmark acquisition was the first deal of NPS and Hines in the context of their strategic partnership in continental Europe.
The Sellers were advised by BNP Paribas Real Estate and Morgan Stanley.
"We are happy to announce the first acquisition in continental Europe with the most prominent commercial property in Germany, if not Europe," says Ms Jayme Younghee Han, manager at NPS.
"The purchase of this prime asset is an appropriate way to execute NPS' acquisition strategy in Europe. We are proud to advise NPS on signing this deal," says Christoph Reschke, managing director of Hines Germany.