ARA Asset Management has bought the Parc1 Tower II office tower for more than KRW1trn (€759.3m), in a deal which represents the single largest asset sale in South Korea so far this year.
ARA’s Korean subsidiary, ARA Korea, acquired the Seoul office tower on behalf of its latest private real estate fund.
IPE Real Assets understands that NH Investments and Securities (I&S), one of South Korea’s largest financial services groups, is a co-investor in the new fund with a 22% stake.
Anthony Kang, CEO of ARA Korea, said given Parc1 Tower II’s prime location, we expect strong leasing demand, with NH I&S pre-committing to more than one-third of the tower’s gross lettable area”.
“We are confident that it will attract other high-quality tenants with its state-of-the-art facilities, excellent location and accessibility relative to other comparable buildings in Seoul.”
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