SINGAPORE (Feb 28): ARA Asset Management, the real estate assets fund manager, has acquired Seoul Square in Korea.
The property is a 23-storey prime office building spanning 132,806 sqm in gross floor area.
The sale and purchase agreement was signed between ARA’s new private real estate fund in Korea and the seller Singapore-based Alpha Investment Partner.
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The sale comes seven years after Alpha acquired it from Morgan Stanley for about 800 billion won.
According to industry sources, the selling price is 24.5 million won per 3.3 sqm, totalling 985 billion won ($1.2 billion) .
Located at 541 Namdaemunno 5‐ga, Jung‐gu, across the street from Seoul Station, Seoul Square is one of the most iconic and high profile prime office buildings in the capital city.
The property is the world’s first building to implement a 7,722 sqm 150x280 pixel media facade equipped with 126,000 EA LEDs, which is often used to display popular art.
Anthony Kang, country head of ARA, says, “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.”
