South Korean investor buys Berlin office project
South Korea’s Meritz Securities Co. and Capstone Asset Management Co. have acquired e-commerce firm Zalando’s new headquarters, which is under construction in Berlin, from UBM for €196 million ($209 million).
L’Etoile Properties on behalf of Capstone managed the transaction.
Completion of the project is planned for third quarter 2018.
UBM is currently developing, through its subsidiary Münchner Grund Immobilien Bauträger GmbH, the new headquarters for Zalando, Europe’s online fashion platform, in Berlin-Friedrichshain directly next to the Mercedes Benz Arena.
The Zalando headquarters will span over two seven-story buildings with around 312,000 square feet in Building A and 140,000 square feet in Building B, and will provide 156 parking spaces.
The purchase marks the third successful acquisition on behalf of Korean clients by L’Etoile, increasing the total assets under management in Germany to €1.7 billion ($1.8 billion).