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.
Seoul Square (image: ARA Asset Management)
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.