GERMANY: Daimler to sell Berlin real estate
DaimlerChrysler is planning to sell its real estate in Berlin's Potsdamer Platz, one of the areas of Berlin reconstructed since the wall dividing the famous German city came down starting in 1989.
According to Financial Times Deutschland, DaimlerChrysler and another major owner of real estate in the square, Sony, have both put their sites up for sale. The Daimler real estate has an estimated value of EUR1.5bn.
A Daimler spokesman said the buildings on the site have not been needed since 2006.
The so-called Daimler-City was constructed by Debis, formerly a subsidiary of DaimlerChrysler. Debis was sold in 2000. The property consists of apartments, a luxury Hyatt hotel, bars, shops, an Imax theatre and a casino, as well as some office space.
Potsadamer Platz was a well-known meeting point in pre World War Two Berlin but was effectively isolated in 'no man's land' between the inner and outer sections of the infamous wall that divided east and west sections of the city from 1961 until 1989. Since then, much of this area has been redeveloped.