KKR Acquires 'Namsan Square' with Aegis Asset Management and SK D&D

[Asia Economy Reporter Lim Jeong-su] Global private equity firm KKR (Kohlberg Kravis Roberts) announced on the 28th that it will form a consortium with Aegis Asset Management and SK D&D to acquire Namsan Square, a CBD office tower in downtown Seoul.

According to KKR, the consortium will invest in the 'Aegis No. 222 Specialized Private Real Estate Investment Company' to purchase Namsan Square for 500 billion KRW. This building is currently owned by a real estate investment trust managed by Korea Land Trust.

Namsan Square, completed in 1978, is located at a strategic gateway to downtown Seoul. Known formerly as the Far East Building, it has a total floor area of over 75,000 square meters across 23 floors. Currently, tenants include multinational and domestic companies as well as government agencies occupying offices and arcades.

The consortium plans to begin renovations of common areas and arcades after acquiring the building. Through this, they aim to enhance the building's value.

David Jung, Managing Director of KKR Asia Real Estate, said, "Namsan Square is one of Seoul's premier commercial buildings," adding, "Through renovation and value enhancement efforts, we plan to improve the working environment and work-life balance for existing tenants."

Namsan Square is KKR's fourth real estate investment in Korea. Previously, it invested in The K Twin Towers in Gwanghwamun, Seoul, Renaissance Park in Gangnam, Seoul, and BLK Pyeongtaek Logistics Center in Pyeongtaek.