M&G Real Estate inks deal to purchase an 8storey office property in Seoul
M&G Real Estate inks deal to purchase an 8storey office property in Seoul
RE+D magazine
26.04.2022
M&G Real Estate announced its purchase of a 97% stake in a Greater Seoul office building for $214.6 million, marking the UK fund manager’s fourth acquisition in South Korea since 2020 on behalf of an Asian separate account mandate.
Located in Bundang district of Seongnam, a satellite city of Seoul, Bundang M Tower is an eight-storey building measuring 46,125 square feet (4,285 square metres) that is highly favoured by corporates and companies in the IT, biotechnology and gaming sectors, M&G said in a release.
The seller of the asset and the holder of the remaining 3 percent interest were not disclosed, but property agency records show that local fund manager Kclavis Asset Management had acquired the 2011-vintage property in the third quarter of 2017.