LBBW to refinance Brookfield's Potsdamer Platz repositioning

LBBW to refinance Brookfield's Potsdamer Platz repositioning

Published at: 2019-02-04 10:05 | Author: CIJEurope.com
LBBW has agreed to provide €1.1bn in long-term financing to Brookfield Properties for the redevelopment of the Potsdamer Platz, Berlin. The deal involves the replacement of a bank consortium, with the understanding that the retail space repositioning measures will be co-financed. LBBW will act as agent, arranger and security agent. Renzo Piano, Hans Kollhoff and Sir Richard Rogers were the cornerstones of an international team of architects that did the planning and designs for the redesign of Potsdamer Platz in the 1990's. The Potsdamer Platz quarter consists of 17 buildings, ten streets and two squres, with a total of 270,000 sqm of GLA. Brookfield Properties reported an occupancy rate of over 90 percent for the properties as of fall 2018. The Potsdamer Platz Shopping Arkaden is to undergo a comprehensive repositioning, with construction scheduled to begin in January 2020.

"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," Karl L. Wambach, Senior Vice President of Brookfield Properties. "Over 90 % occupancy rate across the portfolio is proof of this and moving forward, we are planning an extensive modernization of the Potsdamer Platz Shopping Arkaden and upgrading the public realm to modernize and enhance this dynamic destination for all those who work, live and visit.

Similar Stories:

Czech koruna slides to CZK 25.80 / EUR
The economy is facing a slowdown in German industrial output on the one hand, and rising i  »
Česká koruna na hodnotě 25,80 Kč / EUR
Ekonomika čelí zpomalení německé průmyslové výroby na jedné straně a růstu infl  »
OTP looking at Moldavia's Mobiasbanca
Hungarian OTP Bank is considering whether to acquire a majority share in Mobiasbanca in Mo  »
Lazard to consult on Serbia’s Komercijalna Bank privatization
French consulting company Lazard will help lead the selection process of finding a strateg  »
The future is not out of our hands. Indeed, the main purpose of organised real estate is t   »
Lower prices means lower costs for manufacturers and carriers, and thus reduced product pr   »
The most important thing is client understanding. Quite simply, clients need a much greate   »