KKR buys Korean commercial property

According to local media, the deal is worth approximately KRW500 billion ($490 million).

The 22-floor K Twin Towers, which offers views of the Presidential Blue House, comprises more than 83,800 square meters of office and retail space. Tenants include multinational and South Korean corporations, financial institutions and law firms.

KKR and LIM made the acquisition through the purchase of 100% of the common equity in a trust managed by Vestas Investment Management.

"We are very pleased to expand our real estate business to the South Korean market and to collaborate with LIM Advisors to acquire one of Seoul's top commercial buildings," Bryan Southergill, a director in the real estate division at KKR Asia, said in a statement.

The private equity firm's Asian property exposure is still in its nascent stages. In 2011, it launched the Sino Prosperity Real Estate Fund with Sino-Ocean Holdings, which invests in mid-to-high-end residential properties in emerging cities. Each party contributed $70 million to the vehicle.

Southergill joined KKR last year to lead the build out of the firm's Asia real estate investing platform. He was previously head of Asia real estate investing with J.P. Morgan's global special opportunities group.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Real estate
• Real estate
• North Asia
• KKR
• South Korea
• Real estate