Actis, a global emerging markets investment firm, has sold Young City, a grade-A twin tower office building located in southwest of Seoul, Korea to a consortium of local institutional investors for US$447.4Mn /KRW 545.8 Bn or KRW c.5.5Mn/m2.
This is the third exit from the Actis Asia Real Estate fund, following the 2018 acquisition of Standard Chartered’s Principal Finance Real Estate business in Asia. Young City has secured Citibank, SK Telecom and Samsung affiliates as anchor tenants. The office building is currently c. 98% occupied.
”Actis’ build to core strategy continues to capitalise on the mismatch between the demand and the quality and affordability of existing supply. Our local teams are able to spot where this demand is not being met and deliver the desired product at an affordable price and thereby create an attractive core asset,” said Brian Chinappi, Head of Actis’ Asian Real Estate activities.