Namsan Square Located on Toegye-ro, Jung-gu, Seoul... 23 Floors High, Total Floor Area Over 75,000㎡
[Asia Economy Reporter Kum Boryeong] Global investment firm Kohlberg Kravis Roberts (KKR) has acquired Namsan Square in Seoul.
On the 28th, KKR announced that it invested in a fund (Aegis No. 222 Specialized Private Real Estate Investment Company) that acquired Namsan Square from a real estate investment trust managed by Korea Land Trust (KOREIT), forming a consortium with Aegis Asset Management and SK D&D. KKR is making the investment through its real estate fund.
Completed in 1978, Namsan Square is located on Toegye-ro in Jung-gu, Seoul. It has a total floor area of over 75,000㎡ across 23 floors. The building has also obtained the LEED Gold certification, an American green building certification system. Tenants include multinational and domestic companies as well as government agencies.
The KKR-Aegis Asset Management-SK D&D consortium plans to improve the building’s exterior and restrooms while minimizing inconvenience to existing tenants.
David Jung, Managing Director of KKR Asia Real Estate, explained, "Korea has immense real estate investment potential and is a key market in KKR’s regional real estate strategy. Namsan Square, in particular, has established itself as one of Seoul’s premier commercial buildings."
Joonho Bok, Head of Development at Aegis Asset Management, said, "We are very pleased to invest in a prime commercial property located at the gateway to Seoul’s business district. Aegis Asset Management will leverage its experience from various real estate reconstruction and expansion projects to enhance the value of Namsan Square for its tenants."
Namsan Square is KKR’s fourth real estate investment in Korea. Previously, KKR invested in 'The K Twin Tower' in Gwanghwamun, Seoul, 'Renaissance Park' in Gangnam, Seoul, and the 'BLK Pyeongtaek Logistics Center' development in Pyeongtaek.
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