BERLIN—Oxford Properties and Madison International Realty are partnering on the acquisition of the landmark Sony Center mixed-use complex here for approximately €1.1 billion (US$1.29 billion). The acquisition from NPS Korea marks Oxford's entry into the Berlin market and an extension of its existing relationship with Madison.

“This acquisition is a meaningful step toward achieving our stated strategy of reaching C$5 billion [US$4 billion] of assets under management in Continental Europe by 2020, focusing on Berlin and Paris,” says Paul Brundage, EVP and senior managing director, Europe, at Oxford. “This strategy is backed up by our longstanding commitment to the Central London office, high street retail and build-to-rent residential sectors.”

Calling the 1.2-million-square-foot Sony Center “the most iconic asset in Europe,” Madison's president and founder, Ronald Dickerman, says the two companies “share a commitment to investing in world class properties alongside world class real estate professionals which is the embodiment of this transaction.” Madison and Oxford, the global real estate arm of the Ontario Municipal Employees Retirement System, entered a 50/50 joint venture this past December on Oxford's Paternoster Square office properties in London.