KKR has agreed to buy Namsan Green Building, a 57,574sqm office building in Seoul, South Korea.
91传媒在线 understands that IGIS Asset Management has sold the interests of its investors, including South Korea鈥檚 National Pension Service, in funds that it managed under mandates from these investors.
The deal was transacted at 鈥渘orth of US$300m鈥� (鈧�272m).
IGIS has co-invested with KKR and will undertake extensive renovations and re-leasing over the next three to four years.
KKR is making its investment primarily from Asia Real Estate Partners, KKR鈥檚 Asia-dedicated value-add and opportunistic real estate fund.
The building, completed in 1994, houses the head office of SK Broadband, a subsidiary of SK Telecom.
David Cheong, managing director, real estate at KKR, said: 鈥淥ur investment in Namsan Green Building provides us with a unique opportunity to acquire a high-quality asset in a strategic location.鈥�
Cheong said it also provided an opportunity to add value by leveraging the firm鈥檚 real estate expertise to enhance its offerings for today鈥檚 modern office demands.
Namsan Green Building is KKR鈥檚 latest real estate investment in South Korea, and adds to past office investments in the country including the Namsan Square office tower, the K Twin Towers commercial property and the Centerfield office complex.
Last July, KKR was part of a consortium, led by IGIS Asset Management, to buy Shinhan Investment Headquarters in Seoul for US$487m.
KKR鈥檚 Asia Pacific office portfolio includes the Twenty Anson office building in Singapore, and other assets across Japan.
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