Landesbank Baden-Württemberg (LBBW) has agreed to provide EUR 1.1bn long-term financing to Brookfield Properties for the redevelopment of the Potsdamer Platz, Berlin. In addition to the replacement of a bank consortium, the retail space repositioning measures are to be co-financed.
Patrick Walcher, Global Head of Real Estate at LBBW: “The Potsdamer Platz quarter is one of Berlin’s prominent landmarks—we are really looking forward to accompanying Brookfield Properties as the financing partner for this project. The financing represents another important milestone in our histories and strengthens our long-standing business relationship. Once again, the close, cross-border cooperation between our teams has proven successful. Brookfield Properties benefits from one-stop financing thanks to our established syndication platform, which allows us to perform a sole underwriting of this scale.”
Karl L. Wambach, Senior Vice President of Brookfield Properties, added: “Since we took over the management of Potsdamer Platz at the end of 2015, we have already been able to implement large parts of our overall strategy. Over 90 % occupancy rate across the portfolio is proof of this and moving forward, we are planning an extensive modernisation of the Potsdamer Platz Shopping Arkaden and upgrading the public realm to modernise and enhance this dynamic destination for all those who work, live and visit. A strong business collaboration was behind this success and I would like to underline the com