Singapore’s Ascendas-Singbridge is adding to its office acquisitions in South Korea by picking up a newly-completed, mid-rise office building in Seoul’s Gangnam district for S$124.3 million ($91.8 million).
A fund managed by the real estate firm acquired the 15-storey, 19,578 square metre ICON Yeoksam, with Ascendas-Singbridge unveiling both the new privately-held investment vehicle and the office deal in a single announcement.
The seller is said to be a joint venture led by a unit of Seoul-based GL Industrial Development, which developed the building and held a 40 percent stake. Korea’s Mirae Asset Securities and Meritz Securities each held a 20 percent share in the project, according to a report byÂ local news outlet ChosunBiz.
The acquisition by Ascendas Asset Management Co boosts the group’s assets under management in Korea to S$800 million ($590.8 million), expanding its total lettable area in the country by one-fifth to 1.3 million square feet (139,355 square metres).