BERLIN—A Brookfield Property Partners subsidiary has completedthe acquisition of the Potsdamer Platz mixed-use portfolio here, inpartnership with an Asian sovereign wealth fund, which BloombergBusiness and the Financial Times have identified as theKorea Investment Corp. The buyers, as well as seller Savills FundManagement GmbH, did not disclose the purchase price; this pastOctober PERE said the complex was valued at €1.4 billion,or approximately US$1.6 billion.

"Berlin represents a fantastic opportunity for Brookfield," saysJames Tuckey, chairman of Brookfield Properties Europe. "I lookforward to working with our management teams to further our plansfor Potsdamer Platz and harness the opportunity that we are seeingin the German market." Tuckey has relocated to Berlin, where he isheading Brookfield's Berlin office.

The complex comprises 17 buildings, 10 streets and two squarescovering a gross area of more than 2.9 million square feet feet atthe geographical center of Berlin. The buildings are a mix ofoffice (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).