Global law firm Greenberg Traurig Germany (Greenberg) advised Oxford Properties Group (Oxford) on the formation of a 50:50 joint venture with Norges Bank Investment Management (NBIM) at the iconic Sony Center in Berlin. NBIM will pay EUR 677 million to acquire a 50 percent ownership interest in the Sony Center with Oxford selling 44.9 percent of its existing stake and Madison International Realty (Madison) disposing its entire 5.1 percent interest.
Oxford, a leading global real estate investor, asset manager and business builder, will retain a 50 percent interest in the property and act as asset manager on behalf of the new joint venture. The closing of the transaction, which values the property at EUR 1.35 billion, is subject to regulatory approval.
Comprising 113,000 sqm of prime office, retail and residential space in the heart of Berlin, the Sony Center stands as a modern landmark and attracts more than 7 million visitors annually.
Background:
Oxford has instructed Greenberg Traurig Germany in the past on the sale of several residential portfolios as well as a housing company. In 2017, Greenberg has advised Oxford and co-investor Madison on the acquisition and financing of the Sony Center.
Oxford, a leading global real estate investor, asset manager and business builder, will retain a 50 percent interest in the property and act as asset manager on behalf of the new joint venture. The closing of the transaction, which values the property at EUR 1.35 billion, is subject to regulatory approval.
Comprising 113,000 sqm of prime office, retail and residential space in the heart of Berlin, the Sony Center stands as a modern landmark and attracts more than 7 million visitors annually.
Background:
Oxford has instructed Greenberg Traurig Germany in the past on the sale of several residential portfolios as well as a housing company. In 2017, Greenberg has advised Oxford and co-investor Madison on the acquisition and financing of the Sony Center.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2400 attorneys in 42 locations in the United States, Europe, Latin America, Asia, and the Middle East. The firm, often recognized for its focus on philanthropic giving, innovation, diversity, and pro bono, reported gross revenue of over $2 Billion for FY 2021. The firm is consistently among the top firms on the Am Law 100, Am Law Global 100, NLJ 250, and Law360 (US) 400. On the debut 2022 Law360 Pulse Leaderboard, it is a Top 15 firm. Greenberg Traurig is Mansfield Rule 4.0 Certified Plus by The Diversity Lab and net carbon neutral with respect to its office energy usage. Web: www.gtlaw.com.