Actis sells South Korean commercial property Young City
Actis has sold Young City, a class A twin-tower office building located southwest of Seoul, Korea, to a consortium of local institutional investors.
The deal followed a competitive bidding process involving nearly 50 interested parties and 17 bids. The sale price is $447.4 million. This is the third exit from the Actis Asia Real Estate fund, following the 2018 acquisition of Standard Chartered’s Principal Finance Real Estate business in Asia.
In 2016, Actis identified a brownfield site, located in a former textile industrial zone, with significant potential for transformation due to its strategic location in Seoul. Today, the area has become an attractive commercial and residential property district. As a first mover in this transition, Young City has become the landmark office building in the area and exemplifies Actis’ build-to-core strategy, which is to create core assets that will appeal to both occupiers and institutional investors seeking quality cashflows,