Global real estate investment management firm 'Nubin Real Estate' announced on the 31st that it has acquired the Jeongdong Building in Seoul for approximately 350 billion KRW.
The Jeongdong Building is a 100% leased office asset with a total floor area of 39,343㎡. Located in a station area adjacent to major subway lines in Seoul, the Jeongdong Building houses offices for large law firms and numerous European country embassies.
Nubin Real Estate is a real estate investment management firm managing assets worth $147 billion USD (approximately 203 trillion KRW). It conducts various loan and equity investments in both public and private markets.
The transaction was facilitated by 'Sang Investment,' Nubin's Korean investment partner.
Louis Cabana, Head of Asia Pacific and Chief Investment Officer (CIO) of Nubin Real Estate, explained, "Seoul's office market has grown significantly in recent years, benefiting from cultural factors such as a return to face-to-face work, advanced public transportation networks, and urban densification."
He added, "Considering the tenant composition and location of the Jeongdong Building, we expect stable long-term income generation and believe it will provide solid asset value to investors over the long term."
Nubin invests in cities with future competitiveness in the Asia Pacific region. By identifying assets best suited for demographic and structural growth, it pursues ▲defensive and stable income ▲portfolio diversification ▲capital growth. It received the highest rating, Five-Star, from the Global Real Estate Sustainability Benchmark (GRESB) earlier last month.
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