German open-ended fund manager Deka Immobilien has sold the Myeongdong Central Building in Seoul for around EUR 58 mln, compared to a market value of EUR 55.6 mln. The buyer is a REIT established by the Korean asset manager, JR AMC.
German open-ended fund manager Deka Immobilien has sold the Myeongdong Central Building in Seoul for around EUR 58 mln, compared to a market value of EUR 55.6 mln. The buyer is a REIT established by the Korean asset manager, JR AMC.
The asset was held by the open-ended mutual property fund, Deka-ImmobilienGlobal, which purchased it for EUR 46.6 mln in 2005.
Completed in 2002, the property is centrally located in the central business district of Seoul and features 19,500 m2 of total space.
Following this sale, the Asian-pacific component of Deka-ImmobilienGlobal's portfolio is reduced from 36% to 34%. The fund owns no further assets in South Korea which, however, remains a target investment country for the fund.
