ARA acquires Seoul office

Singapore-based ARA Asset Management has entered into a sale and purchase agreement to acquire, via a new private real estate fund in Korea managed by ARA Korea, a 100 percent interest in Seoul Square in Seoul, Korea.

Financial details were not disclosed; however, it is estimated to be $894 million.

Located just across the street from Seoul Station in the heart of Seoul with convenient connections to major areas such as Gangnam and Yeouido through various transportation networks, the LEED Platinum–certified environmentally-friendly property is a 23-story prime office building spanning 132,806 square meters (1.4 million square feet) in gross floor area. It is also the world’s first building to implement a 7,722-square-meter (83,119-square-foot) 150x280 pixel media facade equipped with 126,000 EA LED, which is often used to display popular art, providing much vibrancy to the area.

Country head of ARA Korea, Anthony Kang, said: “Seoul Square is one of the mos