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Biz News Korea(Eng)
Prudential Financial unit buys a Seoul Station bldg at $157 mn
- Collected
- 2016.12.01
- Distributed
- 2016.12.02
- Source
- Go Direct
According to investment bank industry sources on Wednesday, PGIM together with Korea-based IGIS Asset Management Co. will take over the T Tower office building located nearby Seoul Station. The two firms are scheduled to sign a purchase agreement with the seller Midas Asset Management Co. early next month. The purchase value is around 184 billion won in total or 14.6 million won per 3.3-square-meters, cheap for the busy commercial neighborhood. The Metro Tower, a nearby office building that is also put out for sale demand 22 million won per 3.3-square-meters.
PGIM eyes profiting from resale after it draws tenants that currently take up just half of the building two to three years later.
The T Tower is located within 5-minute walking distance from the Seoul Station, one of the busiest subway and railway stations in the capital of Korea. It is 28 floors high above ground and six floors below and it has a total building area of 41,500 square meters. The high-rise tower had been used as an office building by the country’s third-largest telecom carrier LG Uplus Corp. until 2015 and its current major tenants includes Dutch tech firm Koninklijke Philips N.V.
Local asset manager Midas Asset Management in 2006 acquired the office building at around 163 billion won by creating a real estate fund, and it will be collecting its investment in 10 years once it finalizes the purchase agreement with PGIM.
By Song Gwang-sup
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]