Transactions - MAY 7, 2014

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Mirae JV sells Seoul office tower to SWF

by Andrea Waitrovich

A joint venture between Mirae Asset Financial Group, Woori Financial Group and KDB Life Insurance has sold the Euljiro Mirae Asset Tower in Seoul for $447 million, or $631 per square foot. JLL represented the sellers. The buyer was the State Oil Fund of Azerbaijan. The transaction was completed in April.

The 708-002-square-foot, 25-story office tower is 100 percent occupied by the S&K Group. The Mirae joint venture purchased the asset in 2011 for $296.8 million. The seller was Kim’s Investment & Development Group, which was also the developer.

According to a recent announcement from South Korea’s Ministry of Trade, Industry and Energy, “The overall amount of foreign direct investment in S

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