The real estate arm of the Ontario Municipal Employees Retirement System will acquire the Sony Center in Berlin for $1.6 billion (1.1 billion euros).

In partnership with Madison International Realty, the investment marks Oxford Properties’ first foray into the Berlin market. The Sony Center is a 112,000-square-feet, mixed-used complex in Potsdamer Platz. It comprises eight buildings, including the Bahn Tower, which has office and retail space, as well as residential units.

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“Oxford Properties is pleased to add the Sony Center to our . . . global portfolio and gain exposure to Berlin, one of Europe’s fastest growing and most dynamic cities,” said Paul Brundage, executive vice-president and senior managing director for Europe at Oxford Properties, in a news release.

He noted the acquisition is part of the company’s strategy to reach $5 billion in assets under management in Europe by 2020, with a focus on Berlin and Paris. “This strategy is backed up by our longstanding commitment to the central London office, high street retail and build-to-rent residential sectors. This acquisition gives Oxford the scale to build a platform in Berlin with an on-the-ground team.”

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Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

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