KKR, Korea’s largest real estate fund manager IGIS Asset Management, and Korean real estate developer SK D&D have acquired Namsan Square, an office tower located in the Seoul CBD, from a REIT operated by KOREIT, a domestic asset manager in Korea.
Financial terms were disclosed.
Built in 1978, Namsan Square is strategically located at the gateway to Seoul’s central business district. It occupies more than 75,000 square meters (807,000 square feet) across 23 floors of premium office and retail space, and tenants include multinational and South Korean corporations, as well as government organizations. Formally known as Kukdong Building, Namsan Square has been renovated through the years and today holds a LEED Gold green building certificate.
The consortium plans to enhance the workspace environment by upgrading the building façade, restrooms and the retail arcade without disruption to existing tenants.
David Cheong, a director on KKR’s Asia real e
