SC Capital Partners Group has sold an education-focused commercial building located in Daechi-dong, Gangnam, Seoul, on behalf of its SC Core Fund Plus (SCORE+).
The six-story property was acquired in October 2016 for KRW 26 billion ($18 million) and sold for KRW 54 billion ($38 million), more than double the acquisition price. The transaction was completed at an NOI yield of below 3 percent based on the sale price. The property has a gross lettable area of approximately 4,189 square meters (45,090 square feet) and maintained full occupancy.
Strategically positioned in the heart of Daechi-dong, one of Seoul’s most prestigious and competitive education districts, the asset benefits from an exceptional location with high concentration of schools, private tutoring academies (Hangwons) and upscale residential developments. This robust educational and residential catchment has driven resilient performance and stable rental growth throughout the ownership period.
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