Commerz Real, the German property asset manager, has purchased the Choongmuro Tower in the South Korean capital Seoul for its open-end real estate fund Hausinvest Global. The purchase from Movie ABS, a subsidiary of Merrill Lynch, was the first by Commerz real in South Korea. The financial details were not disclosed.

Commerz Real, the German property asset manager, has purchased the Choongmuro Tower in the South Korean capital Seoul for its open-end real estate fund Hausinvest Global. The purchase from Movie ABS, a subsidiary of Merrill Lynch, was the first by Commerz real in South Korea. The financial details were not disclosed.

The office building dates from 1989 and has a gross lettable area of about 17,000 m2. It was renovated recently and is fully let.

Hausinvest Global invests worldwide and has a volume of EUR 1.7 bn.