Invesco Real Estate sells Majestar in Seoul for $385m
Invesco Real Estate has sold Majestar City Tower B, a Seoul office property located in the Gangnam Business District — known as one of Seoul’s major business districts and one of the best-performing office markets in the city — to a REIT vehicle managed by Koramco for KRW 520 billion ($385 million).
As part of the wider Majestar City mixed-use development comprising office, retail and residential, Invesco Real Estate acquired Tower B in 2017 for the firm’s dedicated core program in Asia Pacific. The 17-story tower with a floorplan of more than 46,000 square meters (495,140 square feet) was newly built at the time of purchase as a high specification class A office, designed with green credentials and energy saving attributes. The property features high ceilings, abundant parking, roof terraces and landscape surroundings with tenant friendly amenities including parks and retail, as well as close proximity to Seoul’s busiest subway.
The location also benefits fr