The Macquarie Group and Macquarie Global Property Advisors (MGPA) are to buy an office development in Seoul for $125.8m (£72m).
The 50:50 jv between Macquarie and MGPA’s MGP Fund II will acquire the office block upon completion of the building, scheduled for March 2007.
The 19-storey tower, located near the Seoul City Hall in the Chung-gu Central Business District of Seoul, will have 368,000 sq ft of Grade A office space.
Nick Ridgewell, Managing Director of Macquarie Real Estate Asia, said: “This investment offers a rare opportunity to buy a new Grade A building in Seoul’s Central Business District.”
Last week MGPA bought a 34-storey office and retail building in Hong Kong and a portfolio of eight office and logistics properties across Europe.
Both investments were made on behalf of MGP Fund II which closed in September with commitments of $1.3bn (£0.74bn).
References: EGi News 05/04/06
