PGIM Real Estate has sold the Jung-An Building office asset in Seoul to an undisclosed buyer.

Sources told IPE Real Assets that PGIM and its partners sold the asset to a South Korean fund manager for KRW105bn (€77m).

PGIM Real Estate acquired the Jung-An Building for its value-add strategy in December 2019, in partnership with Samsung SRA Asset Management and Samsung Life Insurance.

The sources said the consortium paid KRW92bn for Jung-An Tower and undertook “extensive renovation work” before the sale.

“Notwithstanding the impact of the ongoing Covid-19 pandemic on the office sector in general, we believe that high-quality, well located and well-managed offices will continue to appeal to occupiers and investors alike,” said Benett Theseira, PGIM Real Estate’s head of Asia-Pacific.

David Fassbender, managing director and senior portfolio manager at PGIM Real Estate, said the disposition validated PGIM’s strategy to enhance the property’s value and increased its competitiveness through a proactive asset enhancement strategy.

A spokesperson at Samsung SRA Asset Management, said: “The completion of this transaction highlights our commitment towards creating the highest value for our customers with uncompromising standards of quality.”

Since its first investment in 2000, PGIM Real Estate has been one of the most active foreign investors in the South Korean market with over US$2.8bn (€2.3bn) in transactions to date.

To read the digital edition of the latest IPE Real Assets magazine click here.