April 25, 2024

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[THE INVESTOR] Korea’s National Pension Service is close to selling office complex Sony Center in Berlin, Germany, seven years after it purchased the property, according to media reports on July 19.

The state-run pension fund which manages 578 trillion won (US$514 billion) in assets purchased the complex which houses global companies like Sony and Facebook for 572 million euros (US$660 million) in May 2010. 

The sale process began early this year. Eastdil Secured and BNP Paribas Real Estate were appointed to manage the sale in which five bidders participated. They include Blackstone, Oxford Properties, Kuwait Investment Authority, Wheelock and RFR Holding GmbH. Oxford is the front-runner in the bid, according to German local media.

The NPS is expected gain at least a 400 million euros profit from the sale of the 111,483 square meter, mixed-use estate, which is now valued at 1.1 billion euros.

NPS will select a preferred bidder by the end of this month and complete the deal within the year, according to the Maeil Business News.

By Park Ga-young (gypark@heraldcorp.com)