AEW fund acquires two office properties in Seoul for $290m
AEW Value Investors Asia II, a fund managed by AEW, has acquired two office properties in Seoul for $290 million.
The fund acquired the 355,409-square-foot Prime Tower in the Seoul CBD and the Samsung Finance Building, a 260,232-square-foot class B office in the heart of the Gangnam Business District.
In June 2016, AEW held a final close of $640.2 million for AEW Value Investors Asia II. The value-added fund focuses on assets in key gateway cities in the Asia Pacific region, primarily Hong Kong, Seoul, Shanghai, Singapore and Sydney.
During second quarter 2016, total investment volume in Seoul reached $1.4 billion, which is the highest level since second quarter 2013, when investment hit an all-time record of $1.5 billion, according to Colliers International’s second quarter 2016 Seoul Investment report.
A profusion of office building stock and transactions were completed since the beginning of 2016. Total investment volume in first half 2016 r