LBBW to refinance Brookfield's Potsdamer Platz repositioning
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.