Brookfield, Korea Investment Corp. Drop $1.5B in Berlin

Brookfield Property Partners and Korea Investment Corp. have spent $1.5 billion in Berlin to acquire 17 buildings, 10 streets, and two squares in the Potsdamer Platz area of the German capital. Savills Plc sold the complex.

The properties total 2.9 million square feet, and include seven office buildings, as well as apartments, a shopping center, a cinema and the Mandala Hotel.

Potsdamer Platz, now dominated by luxury hotels and office towers, was a bombed-out wasteland for 50 years after World War II, with the Berlin Wall running through it. Sony Corp and Daimler AG invested more than $1 billion euros to turn the space into a recognizable landmark.