South Korean investors to buy Paris office building

A real estate fund investing on behalf of Samsung Group’s financial units is in talks to purchase the 355,000-square-foot So Quest office building in northwestern Paris for more than €300 million ($332.4 million). The seller is Unibail-Rodamco SE.

Currently, the Paris building is leased to software company SAP on a more than 10-year lease.

An official statement about the investment has not been released; however, Asian media outlets are reporting this is the Samsung fund’s second real estate purchase overseas since its launch. The Samsung fund was formed in June 2015 by Samsung Group’s financial companies, including Samsung Life Insurance Co., Samsung Fire & Marine Insurance Co., Samsung Securities Co., and Samsung SRA Asset Management Co., with an aim to expand overseas real estate investments.

The fund is managed by Samsung SRA Asset Management, a wholly owned subsidiary of Samsung Life Insurance, according to