{"id":1004396888,"date":"2020-03-02T05:30:30","date_gmt":"2020-03-02T13:30:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004396888"},"modified":"2020-03-02T05:30:30","modified_gmt":"2020-03-02T13:30:30","slug":"kkr-korean-partners-buy-south-korea-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-korean-partners-buy-south-korea-office-tower\/","title":{"rendered":"KKR, Korean Partners Buy South Korea Office Tower"},"content":{"rendered":"
\"\"

Namsan Square. Image via Google Street View<\/p><\/div>\n

KKR continues to bolster its portfolio in South Korea with the joint venture acquisition of Namsan Square, an approximately 807,300-square-foot office property in Seoul. The New York-based global investment firm partnered with IGIS Asset Management and SK D&D, both of Korea, on the purchase of the asset from a REIT operated by Korea-based domestic asset manager KOREIT.<\/p>\n

Namsan Square, formally known as Kukdong Building, sits at the entrance of Seoul’s central business district and is considered one of the preeminent commercial buildings in the city. The 23-story tower first opened its doors to tenants in 1978 and has since maintained its status as a premier office destination through a series of renovations. The LEED Gold-certified property also features a retail arcade. The partners plan to further enhance Namsan Square through additional upgrades to the building fa\u00e7ade, the retail space and other areas.<\/p>\n

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READ ALSO: <\/strong>LaSalle Expands Korean Industrial Footprint<\/a><\/p>\n

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With the purchase of Namsan Square, KKR, which makes its investments from its real estate fund, has completed four acquisitions in South Korea. “Korea is a focus market for KKR across asset classes, and we are always exploring investment opportunities in Korea across sectors,”<\/em> a KKR spokesperson told Commercial Property Executive<\/em>. “To date, our investments in the market include real estate opportunities like K Twin Towers, Incheon Logistics Center and Renaissance Parc redevelopment.”<\/em><\/p>\n

At the beginning of 2019, KKR had held the distinction of being the top foreign investor in Korea by transaction volume for five years, according to a report by Colliers International. The company made its debut in the market in 2014 with the joint venture acquisition of K Twin Towers, which the company sold in 2018 for a whopping $664.7 million.<\/p>\n

Solid Foreign Interest in Seoul<\/strong><\/h2>\n

Over the last several years, Seoul has had an increasingly prominent place<\/a> on foreign investors’ radar. “In the first half of 2019, cross-border acquisitions accounted for 33 percent of the dollar value of deals, double the rate of international participation in Tokyo and triple that of Hong Kong,”<\/em> according to PwC and the Urban Land Institute’s Emerging Trends in Real Estate Asia Pacific 2020 report<\/a>.<\/p>\n

Other U.S. companies that have been making a splash in Seoul over recent years include M&G Real Estate, a division of insurance leader Prudential, which acquired the Centropolis Towers office complex for $1 billion in 2018. Among the Blackstone Group’s list of recent purchases in metropolitan Seoul is the 1.7 million-square-foot Starfield Hanam, the largest western-style shopping center in South Korea. Blackstone purchased a 50 percent stake in the property for $300 million in September 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Korean REIT sold the Namsan Square, an 807,300-square-foot highrise located in the central business district of Seoul.<\/p>\n","protected":false},"author":969,"featured_media":1004396903,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,16,21783,21742,21747],"tags":[48887,32883,48893,48890],"class_list":["post-1004396888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-international","category-investment","category-latest","category-office","tag-igis-asset-management","tag-kkr","tag-koreit","tag-sk-dd"],"acf":[],"yoast_head":"\nKKR, Korean Partners Buy South Korea Office Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kkr-korean-partners-buy-south-korea-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KKR, Korean Partners Buy South Korea Office Tower\" \/>\n<meta property=\"og:description\" content=\"A Korean REIT sold the Namsan Square, an 807,300-square-foot highrise located in the central business district of Seoul.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kkr-korean-partners-buy-south-korea-office-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-02T13:30:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Seoul-South-Korea.-Image-via-Pixabay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-korean-partners-buy-south-korea-office-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kkr-korean-partners-buy-south-korea-office-tower\/\",\"name\":\"KKR, Korean Partners Buy South Korea Office Tower - 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