Deka offloads office building in South Korea

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.