To read this full article you need to be subscribed to Newsline.
Sign in Sign up for a FREE subscriptionMirae fund pays $507m for Seoul office tower
A fund managed by Mirae Asset Global Investment has agreed to purchase the State Tower Namsan in Seoul for KRW 588.6 billion ($507 million).
The sellers were Abu Dhabi Investment Authority (ADIA) and CBRE Global Investors, which purchased the asset in 2015 for an estimated price of KRW 503 billion ($403 million).
State Tower Namsan is a 24-story office tower with 67,000 square meters (721,182, square feet) of office space. Tenants include BMW Korea, Korea Investment Corporation and BNP Paribas.
Total investment transactions in Seoul and the adjacent Bundang district reached KRW 1.9 trillion ($1.6 billion) during the period from January through March this year, according to a recent report by Cushman & Wakefield.
The average vacancy rate in large office buildings in Seoul dropped 1.2 percent quarter-over-quarter to 9.1 percent quarter-over-quarter in first quarter 2019.
In the absence of new supply buildings in first quarter 2019, the vacancy ar
