KKR acquires office building in Seoul’s CBD

KKR acquires office building in Seoul's CBD
Namsan Green Building, an office building in Seoul’s Central Business District (CBD). Image: KKR

Global investment firm KKR has agreed to acquire Namsan Green Building, an office building in Seoul’s Central Business District (CBD), through collective investment vehicles established under the Financial Investment Services and Capital Markets Act of Korea.

Completed in 1994, Namsan Green Building is a 57,574-square-meter office building in Seoul that is centrally located near major transportation networks, including Seoul Station that connects to all the major cities in Korea, and the Seoul Station Bus Transit serving the Greater Seoul area.

Today, the building operates as the headquarters of SK Broadband, a subsidiary of SK Telecom, Korea’s largest wireless carrier and the telecommunications arm of SK Group, one of the country’s largest conglomerates.

KKR said this acquisition takes place at a time when office market fundamentals are robust and demand for office space continues to rise strongly in the face of a resilient labor market and limited office space in Korea.

David Cheong, Managing Director, Real Estate at KKR, said, “Our investment in Namsan Green Building provides us with a unique opportunity to acquire a high-quality asset in a strategic location and add value by leveraging our real estate expertise to enhance its offerings for today’s modern office demands. We remain confident in the long-term prospects of Korea’s office real estate market, where future supply is extremely limited and demand for office space continues to be resilient, and look forward to helping the country meet its office space needs.”

Click here to receive CRE Herald’s weekly newsletter, news alerts and insights!