Clifford Chance has advised South Korean asset manager Capstone Asset Management on its acquisition of the Zalando HQ in Berlin. The property is currently being developed and sold by UBM Development AG, a specialist in hotel, office and residential developments.

The transaction is structured as a forward deal and a purchase price of EUR 196 million has been agreed. The property is scheduled for completion in Q3 2018. L'Etoile Properties is acting as acquisition manager and will provide asset and property management services following completion.

The new Zalando HQ will form part of the new Zalando Campus currently being built next to the Mercedes-Benz Arena in Berlin. The complex will comprise two seven-storey towers with around 29,000 square metres and 13,000 square metres of floor space respectively. The property will also provide 156 parking spaces.

Capstone Asset Management was established in 2009 and is one of the fastest-growing asset management companies in Korea. Capstone currently has assets under mangement of around EUR 1.3 billion.

The Clifford Chance team was led by partner Dr. Gerold Jaeger and comprised senior associate Dr. Sebastian Schmitt (both Frankfurt), associate Philip Heinzel (Düsseldorf) and transaction lawyer Marisol Peláez Romero (Frankfurt, all Real Estate) as well as partner Dr. Uwe Schimmelschmidt, counsel Dr. Marie-Theres Rämer and senior associate Dr. Gerda Ochs (all Tax, Frankfurt). The team at the Clifford Chance Luxembourg office comprised partner François-Xavier Dujardin, counsel Maxime Budzin and associate Josselin Badoc (all Tax), as well as partner Katia Gauzès, senior associate Frédérique Davister and associates Alexandra Dear and Stéfany Sassi (all Corporate).