South Korean asset manager Capstone is acquiring the new headquarters being developed for Zalando, an online shoe and fashion retailer, in Berlin for €196 mln.
The vendor is Vienna-listed UBM Development and the transaction is being managed on Capstone's behalf by L'Etoile Properties, an international property service provider headquartered in Paris.
UBM, through its subsidiary Münchner Grund Immobilien Bauträger, is developing the property in Berlin-Friedrichshain directly next to the Mercedes Benz Arena. Completion of the project is planned for the third quarter of 2018.
Part of a wider company campus for Zalando being developed on a 43,000 m2 site, the headquarters will span two seven-storey buildings, comprising 29,000 m2 in Building A and 13,000 m2 in Building B. There will also be 156 parking spaces.
'The acquisition of Zalando's new headquarters is a very exciting opportunity for Capstone and Korean investors, as it will provide satisfying risk-adjusted returns in the current competitive market,' said Alex Limb, head of global investment at Capstone Asset Management.
L’Etoile Properties managed the acquisition and will take over the asset and property management upon completion of the development. The purchase marks the third acquisition on behalf of Korean clients by L’Etoile, and increases its total assets under management in Germany to €1.7 bn.
Law firm Clifford Chance provided legal support to the buyer.
Colliers International Berlin was responsible for the structured sales process as a broker for UBM, with law firm Zirngibl giving legal advice.
