Seoul Square, a trophy office tower in Seoul’s central business district, has been sold by Singapore’s Aravest and South Korea’s NH Investment & Securities for KRW 1.28 trillion (US$870 million), according to Mingtiandi. Media reports identify the buyer as Korea Investment Real Asset Management, a unit of Korea Investment Finance Holdings.
Completed in 1977 and extensively renovated in 2010, Seoul Square has 23 storeys and underground links to Seoul Station, which stands adjacent to the property and serves as the capital’s central railway hub with Metro lines 1 and 4 and multiple commuter and airport lines.
The building currently houses a number of domestic and foreign companies. It is also the former headquarters of Daewoo Group before the group disbanded.
According to JLL Korea, which served as adviser on the sale, the success of this Seoul Square deal was a major concern for the industry, making it one of the most challenging transactions
