BERLIN—A Brookfield Property Partners subsidiary has completed the acquisition of the Potsdamer Platz mixed-use portfolio here, in partnership with an Asian sovereign wealth fund, which Bloomberg Business and the Financial Times have identified as the Korea Investment Corp. The buyers, as well as seller Savills Fund Management GmbH, did not disclose the purchase price; this past October PERE said the complex was valued at €1.4 billion, or approximately US$1.6 billion.

"Berlin represents a fantastic opportunity for Brookfield," says James Tuckey, chairman of Brookfield Properties Europe. "I look forward to working with our management teams to further our plans for Potsdamer Platz and harness the opportunity that we are seeing in the German market." Tuckey has relocated to Berlin, where he is heading Brookfield's Berlin office.

The complex comprises 17 buildings, 10 streets and two squares covering a gross area of more than 2.9 million square feet feet at the geographical center of Berlin. The buildings are a mix of office (1,376,000 square feet), retail (493,000 square feet), residential (271,000 square feet), leisure (446,000 square feet) and a hotel (138,000 square feet).

This past October, Savills said that BPY came out on top in a structured international bidding process for the Potsdamer Platz portfolio. It was built by the Daimler Groupin 1998, following the reunification of Germany, and was acquired in 2008 by what is now Savills Fund Management GmbH for the SEB ImmoInvest mutual fund.