SINGAPORE (May 9): Singapore’s state-owned investment firm GIC has entered into a joint venture partnership to acquire the Grade A office building in Seoul’s central business district for 418 billion won ($518 million).

The JV agreement will see GIC and the Canada Pension Plan Investment Board (CPPIB) each own a 50% stake in the landmark Kumho Asiana Main Tower located in the centre of Gwanghwamun, a core office, government and cultural precinct.

“GIC has been investing in South Korea since the late 1990s. This investment reflects our confidence in South Korea’s continued growth, and commitment to identifying attractive opportunities in this market,” says Lee Kok Sun, Chief Investment Officer, GIC Real Estate.

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