Kocref No. 43 REIT, a private REIT of South Korean fund manager Koramco Asset Trust, has sold an 81,117-square-meter (873,136-square-foot) office building in Seoul’s Gangnam business district to Samsung SRA Asset Management for approximately 1.1 trillion won ($820 million).
This represents South Korea’s largest commercial real estate deal to be completed this year, according to the Korea Herald.
The building, known as The Asset Gangnam, was sold to Samsung SRA, the real estate investment arm of Samsung Group, following a selection process that awarded the company as the preferred bidder in July, besting firms such as KKR, IGIS Asset Management and Mirae Asset Global Investments, according to the Korea Economic Daily.
Mingtiandi noted Koramco purchased The Asset Gangnam from Samsung C&T, a construction and engineering firm under Samsung Group, in 2018 for 748 billion won ($555 million).
