Blackstone has sold a prime office building in Seoul for KRW792bn (€545m) to Koromaco Reits Management & Trust, a Korean-based real estate firm.
The fully-let Arc Place building in the Gangnam Business District was held in the Blackstone core-plus funds since 2016 when the asset was purchased for about KRW470bn. Arc Place underwent a complete renovation with an upgraded lobby and building façade to create a modern and vibrant space, adding new retailing and other amenities.
Chris Kim, head of real estate – Korea, Blackstone, said: “Over the years, Blackstone has repositioned Arc Place into a premier, highly-coveted office asset in the heart of Seoul’s Gangnam district, attracting global technology and media tenants.
Blackstone’s core-plus strategy seeks to invest in prime assets in fast-growing sectors in global gateway cities, where the firm could unlock additional value through capital investment and a robust asset management approach, he said.
The transaction was the largest commercial real estate transaction in Seoul’s major business district since 2022.
Stuart Crow, CEO at Capital Markets, Asia Pacific, JLL, the exclusive agent, said: “Seoul’s office market is well-established as one of Asia Pacific’s most resilient and perennially attractive asset classes for both global and domestic Korean investors. We’re delighted to have partnered with Blackstone in advising on this strategic transaction in the tightly-held and highly-sought Seoul office sector.”
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