Samsung Life buys office tower in South Korea
Samsung Life Insurance has purchased a Seoul office tower for $381.2 million from developer Dongkuk Steel.
The 28-story Ferrum Tower totals 599,497 square feet and includes street retail. Major tenants include Willis Group, Hann II Kwan and Dongkuk Steel.
The acquisition follows Samsung Life’s purchase of another office building in Seoul. With its joint venture partners, AEW Capital Management and NH Bank, the insurer paid $187.3 million for the 18-story City Center Tower. The sellers were Ssangyong Cement and Sejin D&C. Samsung Life owns a 10 percent stake in the property, while AEW Capital and NH Bank own 80 percent and 20 percent split, respectively.
Samsung Life was active in the European office market during 2014. In October 2014, Samsung Life paid $567 milli