Deka Sells Seoul Office Asset
Frankfurt-based Deka Immobilien GmbH has sold Myeongdong Central Building, an office building in Seoul, for approximately €58 million to a REIT established by JR AMC, a Korean asset manager. The sale price is above the current market value of €55.6 million.
The asset comprises 19,500-square-meter and is located in Seoul’s CBD. The property, which was sold through the firm’s Deka-ImmobilienGlobal open-end fund, was originally acquired by Deka Immobilien for about €46.6 million in 2005.
According to the firm, the cycle of the real estate market in Seoul is experiencing a phase in which investor demand exceeds the availability of real estate. This sale represents an example of the anti-cyclic transaction strategy of the fund.