BERLIN—In one of Germany's largest deals since 2008, Brookfield Property Partners has agreed to acquire the 5.9-million-square-foot Potsdamer Platz mixed-use portfolio here, seller Savills Fund Management GmbH said Tuesday. The purchase price was not disclosed; PERE said the complex was valued at €1.4 billion, or approximately US$1.6 billion.

“The sale of such a highly diversified property portfolio as Potsdamer Platz Quarter is further proof of our ability to execute large, highly complex portfolio transactions,” says Nils Hbener, head of investment at Savills Fund Management GmbH. It follows Savills' €1.1-billion sale of the 11-property Europe Prime office portfolio to NorthStar Realty Finance Corp., a deal that was completed at the end of 2014 when Savills Fund Management was still known as SEB Asset Management.

Savills says that BPY came out on top in a structured international bidding process for the Potsdamer Platz portfolio. It includes seven office buildings with more than 480 tenants, five residential buildings, a hotel and the Potsdamer Platz Arkaden shopping center.

Potsdamer Platz was built by the Daimler Group in 1998 and was acquired by what is now Savills Fund Management GmbH for the SEB ImmoInvest mutual fund in 2008. Ownership of the complex will be transferred once the required closing conditions are fulfilled, which is expected by the end of this year.