Berlin: LBBW finances Potsdamer Platz with €1.1bn
LBBW as sole underwriter is issuing a €1.1bn loan to Brookfield Properties for financing the Potsdamer Platz quarter. The financing is a replacement of a bank consortium and will also be used for repositioning measures for the retail spaces. Planning is underway, particularly for the Potsdamer Platz Arkaden. Construction is scheduled to start in early 2020, according to a release. Brookfield had acquired the quarter in late 2015 together with Korean sovereign wealth fund KIC, the purchase price was said to be €1.4bn. The ensemble consists of 17 buildings with a total of roughly 270,000 sqm lettable space. It is currently more than 90 % leased.
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