International real estate firm Hines has acquired the future Berlin headquarters of Zalando, an online fashion retailer, from Paris-based international property service provider L’Etoile and South Korean asset manager Capstone.
The project, purchased by Hines on behalf of a Luxembourg-based real estate fund, is still under construction and is expected to be completed in the fourth quarter of 2018.
The site consists of two buildings with a total rental office space of 42,000 m2 across seven storeys.
‘The Zalando Campus will be among the most advanced and sustainable buildings around and will occupy one of the last available sites in the vicinity of the Mercedes-Benz Arena. With this purchase, our investor is pursuing a long-term strategy,’ commented Kai-Magnus Schulte, director of Hines Immobilien.
L’Etoile and Capstone bought the assets in April 2017 for €196 mln from Vienna-listed UBM Development.
The property located in Mediaspree is fully leased to Zalando with a long-term lease. The fashion online platform will establish its corporate headquarters on site.
The off-market transaction was brokered by Colliers International. Hines was advised by BLP Berwin Leighton Paisner and PwC.