Daimler has sold its real estate in Postdamer Platz, Berlin, to SEB Bank.

Daimler put the buildings on the market in October. The estimated value of the real estate is EUR 1.5bn, although a final sale price has not been announced. The deal is expected to be completed towards the end of the first quarter of 2008.

The so-called Daimler-City was constructed by Debis, formerly a subsidiary of DaimlerChrysler. Debis was sold in 2000. The property consists of 19 buildings including apartments, a luxury Hyatt hotel, bars, shops, an Imax theatre and a casino, as well as some office space.

Daimler will continue to use around half of the office space in the city.

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.