KB Asset Management has sold Jognno Tower, Seoul, for KRW621.5 billion ($437.6 million) to SK REITs.
KB Asset Management purchased these assets for KRW 463.7 billion ($326.4 million) in 2019 by setting up KB Wise Star Jongro Tower Real Estate Investment Trust, which was funded by KB Financial Group Blind Fund and KB Securities as major investors. The liquidation of the fund is expected to take place starting in December 2022.
Completed in September 1999, the 33-story Jongno Tower is an office landmark building with a total floor area of 60,601 square meters (652,304 square feet) located in a central business district of Seoul where headquarters of Korea's leading conglomerates and foreign companies are concentrated. Jongno Tower is the high-quality prime office asset with a stable rental income and 99 percent total rental rate. Affiliates of SK Group, the second-largest conglomerate in Korea, lease 46 percent of the total area and use it as a strategic office (SK Green
