M&G completes sale of ICON Yeoksam in South Korea

M&G Real Estate has completed the strategic divestment of ICON Yeoksam.

This premier 15-story office building situated in Gangnam Business District, South Korea, was sold for KRW 204.3 billion ($150.8 million), reflecting 44 percent appreciation in value.

ICON Yeoksam is located in the Gangnam Business District, an area favored by IT companies, financial institutions and the headquarters of multinational corporations. Acquired in August 2020 as part of M&G’s Targeted Strategy, which invests in value-add opportunities in the Asia Pacific region, the property’s performance has surpassed initial projections, as highlighted by its rapid appreciation in value, driven by high occupancy rates, favorable lease agreements and increased demand.

M&G’s active asset management approach has been pivotal in maximizing ICON Yeoksam’s market potential. Initiatives leading to a 30 percent uplift in rents by successful rental revision, alongside successful tena