Real estate in Berlin
Norwegians buy half of Sony’s center
The Norwegian Central Bank is investing €677 million in the Sony Center on Potsdamer Platz. The complex will be extensively renovated.
Berlin. Sony Center on Potsdamer Platz in Berlin Mitte acquires Norwegian owners. As Canadian property group Oxford announced on Friday, Norges Bank Investment Management (NBIM) is acquiring about half of the building complex for €677 million. Therefore, Oxford itself holds 50 per cent of the shares.
The conclusion of the transaction, the value of the construction group of which amounted to 1.35 billion euros according to information from Oxford, is subject to official approval. The Canadian company, headquartered in Toronto, acquired Sony Center just five years ago for around 1.1 billion euros. German-American architect Helmut Jan once designed a complex of seven buildings, the center of which is spanned by a glass roof like a circus arena.
“Having created significant value, we will reinvest in Sony’s hub to increase the experience factor,” said Abe Shapiro, head of Germany at Oxford.
Sony Center in Mitte: 200 million euros to restart
In November 2021, the Canadians announced comprehensive modernization measures for the Sony center worth 200 million euros. 22 years after the opening of the complex, which includes a total of 113,000 square meters of office, retail and residential space, there is a need for work in many areas.
In particular, the part of the building that housed the former cinemas will be renovated on a large scale. The ten-screen multi-cinema, in which films are often shown in their original language, closed at the end of 2019. Among other things, a “food court” is being built with various offerings from London restaurant operator Curb as well as fitness facilities.
Sony Center: Deutsche Bahn has to leave temporarily
In addition to the empty cinema complex, the Glass Bahntower is particularly affected by the renovation and transformation procedures. During the renovation, approximately 800 DB Group employees had to leave the tower. They will move to other offices in the Sony Center for a year and a half before they can return to the high-rise building, which has been upgraded with technology and has a new spatial concept.
According to the company, most of the modernization procedures are scheduled to be completed by the end of 2023.