Petraville Asset Management has acquired City Center Tower, an office property in Seoul’s central business district, for KRW 292.7 billion ($211 million).
Savills Korea served as the exclusive sell-side adviser on the transaction.
The property comprises approximately 393,700 square feet and is anchored by the headquarters of Ssangyong C&E. Other tenants include Samsung Fire & Marine Insurance and SK m&service.
The office tower is located in Seoul’s Euljiro area and provides a stable rental income base from established corporate tenants.
Savills Korea said the transaction reflects continued investor demand for well-leased office assets offering stable income and value-add potential in Seoul’s central business district.
The seller was not disclosed.
