Nery Alaev looks into news about a recent property development in the German capital.
The owner of Canary Wharf in the United Kingdom, Brookfield Property Partners, has purchased Potsdamer Platz in Berlin.
The junction has a long and diversified history, having been laid derelict in the Second World War and laying at the centre of the Iron Curtain during the Cold War.
I’ve decided to look further into the news and conclude upon Brookfield’s intentions with the space.
As aforementioned, Potsdamer Platz was a key area during the Cold War, dividing the West and Soviet halves of the city respectively. Nowadays, the area is home to the buildings of several major companies, including Daimler and Sony.
It’s also home to several other offices, as well as residential spaces too. The platz is regularly lauded for its cutting-edge architecture, which has flourished since the fall of the Berlin Wall in 1989, which preceded the end of the Cold War.
The striking architecture of the platz may have played a role in Brookfield’s interest in the area – it’s acquisition of the equally striking Canary Wharf in London is evidence of this.
Before being in the ownership of Brookfield Property Partners, Potsdamer Platz was owned by Savills Fund Management GmbH, who signed a purchase agreement with the former last year.
James Tuckey, chairman of Brookfield Properties Europe, said:
„Berlin represents a fantastic opportunity for Brookfield. 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.“
Mr. Tuckey’s comment implies that Brookfield intends to use the historic platz to its full potential – how this will be done remains to be seen.
Nery Alaev is the current Director of ESN Investments GmbH, which engages in acquisition and development of commercial and residential property in Germany and Austria.