M&G Real Estate leads $1b landmark office purchase in South Korea

M&G Real Estate has acquired Centropolis Towers, a prime twin tower office building in Seoul, South Korea, for $1.04 billion.

M&G Real Estate has led the transaction, which will complete in September 2018, on behalf of two of its property strategies in joint venture with two South Korean pension funds.

“We are seeing a rise in demand for high-quality assets in South Korea as domestic and international investors allocate more capital for commercial real estate,” said Chiang Ling Ng, CEO and CIO of M&G Real Estate, Asia. “Seoul’s office market, particularly the central business district, is in an early upcycle with limited future supply of prime office space. With intense competition for best-in-class assets, Centropolis is well-positioned to benefit from this trend and will contribute significant value to our property strategies.”

Centropolis Towers, located in Seoul’s Jongno-Gwanghwamun central business district, are due to complete in Au