Singapore-based real estate fund manager ARA Asset Management has snapped up the Seoul Square office complex in South Korea’s capital.
ARA, which has S$80.1bn (US$59.1bn) of assets under management, purchased the 23-storey property on behalf of a new private real estate fund, the firm said in a press announcement.
The 132,806 sq.m. office is located at at 541 Namdaemunno 5‐ga, Jung‐gu and across the road from Seoul Station in the city centre.
The property is iconic in the CBD thanks to a 7,722 sq.m. media facade that displays popular art. It also has a LEED-Platinum environmental certification.
Anthony Kang, country head of ARA Korea, said Seoul Square was one of the most high profile buildings in the city and came with a rare large and efficient floor plate.
“The property is located within a core transportation hub area in Seoul with convenient access to local, regional and national destinations through numerous subway lines, railways and bus lines,” he continued.
“Anchored by long-WALE leases with major high-quality domestic and foreign tenants, Seoul Square is well-positioned to deliver superior performance as a latest addition to ARA’s suite of core office assets in Korea.”
The purchase price was disclosed.