Publications

- May 2012: Vol. 4 No. 5

To read this full article you need to be subscribed to Institutional Real Estate Asia Pacific

Deka Sells Seoul Office Asset

by

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.

 

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?